As IBM Goes, so Goes ... Nothing?

Last night, when the IBM news hit, there were trigger-pullers annihilating everything from Yahoo! to Intel.
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As

IBM

(IBM) - Get Report

goes, so goes ... nothing?

Microsoft, Dell, IBM:

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Yep, it is time to talk about how remarkable this market is. Last night, when the IBM news hit, there were trigger-pullers annihilating everything from

Yahoo!

(YHOO)

to

Intel

(INTC) - Get Report

.

You know, if I were on TV right now, I would be talking about how IBM had no legs, no pin action. IBM couldn't even keep these stocks down for a whole session. I would accentuate that positive. I know that some of the buying was part of a giant buy program of

NDX

names. But you could sell all of the Intel or

Microsoft

(MSFT) - Get Report

you wanted to and you wouldn't dent those stocks.

I would accentuate that positive.

I would stress that the market has just gotten smarter and smarter and smarter. It does not stop and think, "I can't buy

AOL

(AOL)

because IBM is down." The market differentiates much better than it used to. AOL was down for only a nano-second this morning off the spill over. I would accentuate that positive.

There is an important take-away from this session: If you blow away the numbers, your stock goes up. It can withstand the gravitational pull of an IBM. That's amazing.

Why don't people talk about that?

Random musings

: Just as I am about to send this, I am hearing that

Joe Kernen

is about to talk. He shares my eyesight. If things are good, he tends to acknowledge that. Better get this off before he speaks. You'll think I plagiarized him.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online, Yahoo!, Intel, Microsoft and IBM calls. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may 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

jjcletters@thestreet.com.