Big-Cap Tech Stays Ugly

Does DoubleClick (DCLK) up five mean anything? How about CNet (CNET) - Get Report up two? Can we take heart that Amazon.com (AMZN) - Get Report opened down 20 and change and just stayed there rather than continuing to roll over? Are these tells that the griddle is cool enough to start making some money again on the Net?

Maybe, but the rest of big-cap tech is so ugly that we figure that our initial buys of the Net when the

TheStreet.com Internet Sector

index, or DOT, hit 630 a second time will have to be all we do today.

We watch the DOT like a hawk, not just because it is

TSC's

-- must drive those other news organizations crazy to have to mention the index, but the others don't trade -- but because it a great measure of the velocity of the decline. The selloff's velocity seemed to peak in the morning, kind of like the vicious Monday I missed but have now painstakingly recreated in my mind.

For us, we would not want to commit much more to the Net until the DOT retests 630. Unfortunately, the NDX is the driver today, not the DOT, and the NDX hasn't had enough put activity to bottom yet.

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.