Bugging Out After eBay

Since the meeting, buyers have dropped Net stocks and are retreating. Leaving us with zippo.
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How nice of eBay (EBAY) - Get Report to get it together to have a pleasant meeting. Of course, the damage has been done.

Oh, the Net looked like it was out of the woods last Thursday when we had that snapback rally. Of course as soon as that rally occurred, the analysts stepped out in full force and declared a Net bottom Friday.

Goldman Sachs

raised

Yahoo!

(YHOO)

.

Morgan Stanley Dean Witter

came out and mouthed positives.

And then eBay crushed us by reminding us that the Net doesn't have any good old bricks and mortar. The people who were buying eSlay at that moment, whoever they were, suddenly felt real stupid and blew it out, along with Yahoo! and its other minions (yes, including

TheStreet.com Inc.

(TSCM)

).

Now all of that analyst powder has been used up. But these people don't fix bayonets after they have run out of ammo. They bug out.

Leaving us with, well, nothing.

Tonight you will see me on

CNBC

-- I know, shocking, I sure hope none of my friends over there get in trouble for interviewing me as part of this Net hangover piece they are cooking up. Shocking: I don't like the Net. Too much bad money. Too many underwritings, we have to put the bankers on vacation, I guess. Not enough negativity yet.

Man, are we getting there though.

Random musings:

Jeff is poolside with cell phone and PC. He says to remind you that he hasn't taken a vacation in 10 months. I think he was laughing, but he didn't type in LOL in his instant message.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo! and TSCM. 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.