Bears' Early Initiative Falls Flat - TheStreet

All that miserable put-buying and QQQ (QQQ) - Get Report slamming and semiconductor shorting and where did it get the bears?

Nowhere.

There was buy pressure all day after the morning bear raid and, with the exception of the

Qualcomm

(QCOM) - Get Report

problem, the market didn't look back. In fact, the Four Kings --

Cisco

(CSCO) - Get Report

,

Sun Micro

(SUNW) - Get Report

,

Intel

(INTC) - Get Report

and

Microsoft

(MSFT) - Get Report

-- all broke through their strikes, something most people thought couldn't happen going into the session. Given the almost gravitational pull of a strike, this was quite an achievement and to us showed some real underlying strength in tech.

We never got a pullback in

Conexant

(CNXT) - Get Report

, so we reached at the end of the day to take some down and we hope that sellers will send it lower so we can buy more tomorrow.

Random musings:

I am headed on the road to see my friends and partners at

Pershing's 2000 Financial Products & Services

conference. I will be posting some Trading Diary installments from Florida, but it will all be of the derivative variety. Can't say I mind, as I hate playing expirations. But check out the Diary tomorrow on

RealMoney.com

. It will be rocking.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, Sun Microsystems, Conexant, Intel and Microsoft. 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.