Sure it is getting nasty. Always does ahead of the Big Bad Event like the employment number. And as I said at the beginning of this session, people were going to pound them today -- the blitz -- because of tomorrow.
Many of our fave tech names are getting hammered, just hammered. We are using the weakness to revisit names we thought would never come back to earth. For example, we are picking away at
, heavier than in the other days, as it continues to slump. We bought some
, and we are back in
as a way to play the launch of the
PlayStation 2 this weekend.
Why bother? Isn't it in the cards that these stocks are now going down?
Wasn't there too much hoopla because of
, which you know I blew out of the other day?
I don't know when the bottom will be reached in some of these names. They have had such gigantic moves up that it makes sense they take a breather.
But I have to buy the breather.
Next week there are tech conferences galore. (I am hoping
will be allowed in to cover them.) I can wait until the stocks bottom and step in -- ridiculous, of course, because nobody knows when a bottom is being formed -- or I can step in while things are in free fall. I do the latter, on a scale down, so as not to choke. Never feels good, but then again, chasing them up always feel worse to me.
Don't forget the
AOL chat this afternoon with me. I will discuss the 10
wireless winners from the other day as well as reflections of
Matt "NetWithoutWires" Jacobs
just back from the
tech conference. ... Remember, we are waiting to see the close for the
markups; old ones don't count, but I hear you about the incessant, terrible marks in
. ... While we are at it, I hear you re:
, and I know that its service outage today is an ugly one. I sympathize, but I can't fix it for them. Maybe Richie Kotite can!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Conexant, Vitesse, LSI, America Online and E*Trade. 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