You have to wait for the conference call before you take the swing. That's the gospel here at

Cramer Berkowitz

.

Amazon.com

(AMZN) - Get Report

is typical of why you must hear the guidance and can't just go nuts off the reported numbers.

Again, the reported numbers for Amazon.com were as good as it gets, but the guidance -- the guidance you get from the conference call -- let's just say there were no "congratulations guys" from the analyst community during the Q&A on Amazon. That could, and looks like it will, at least initially, nullify whatever positives people may have liked from that reported revenue number.

Why?

Because spending is off the charts. Hiring is off the charts. Expenses are off the charts.

Not quantifiable. When Amazon says not to worry about near-term profitability, they ain't just a-kiddin'! Not quantifiable as to acquisitions, profitability and expenses. Nothing to make you feel great about the future.

That's why the stock just dropped another ten from my last piece. When spending is not quantifiable, even Netizens get worried.

As I have said, I am neither long nor short Amazon. I still think that Amazon does nothing to hurt the growth story of the Net, and much to help it. Oddly, Amazon may actually benefit other Net stocks with more clear bottom-line focus.

The Net dislocation no longer awaits. It is happening right now. Making things very interesting for the patient buyers.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in the stocks mentioned, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

letters@thestreet.com.