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.
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
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
-- 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.
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