Feels like a decoupling from the bonds, doesn't it? You know, where the technicals overcome the fundamentals, and fund managers simply forget that the long bond plays a role?

Normally, with the bonds down a half-point, people would be sending the futures much lower and we would be betting that the stock market would open down about 50


points. Making matters worse,

Morgan Stanley Dean Witter


takes money out of the market, in part based on these sliding bonds.

To me, the bullish comments from


technician and the strategist there, who is saying the Net stocks will take a run at new highs, as well as the strategist's decision to boost equities at

Smith Barney

trump all of this bond hand-wringing.

It's painful for those of us who have learned to sell stocks when interest rates go up (something inculcated in 1987 and relearned in 1990 and 1994) to be as invested as possible. But, as I said in my

weekend piece, this may be the time when the bonds go to 6.5% and stocks rally.

In short, it is a time when rigor kills performance and history puts you well behind the averages.

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 any stocks mentioned. 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