What hasn't snapped back? What is lagging? Certainly not the drugs. So many people are short them ahead of the State of the Union speech that buyers are frantically making the bears pay. Not old tech, except for the disappointing action in

IBM

(IBM) - Get Report

, which I like. But call me a masochistic buyer. Not the Net, which is bouncing smartly.

Nope, what isn't working is stuff that is coming off lock-up and is in syndicate. Take

Tibco Software

(TIBX)

, one of my favorite stocks.

Join the discussion on

TSC

Message Boards. We had a big hit in this stock last year, but we let a lot of it go after that super run-up. Now it is as heavy as an empty safe at the bottom of the Titanic.

And why not? There is a lock-up expiration. But at this point I have to wonder how much more hammering there can be. Does it take into account that everyone who can sell will? Because at these prices, that probably isn't the case.

What I wouldn't do to know the answer to that question. It is probably the key to the next 25 points. (Same thing with

Digital Island

(ISLD)

, by the way.)

Otherwise, we are interpreting the action as simply "bullish." At this point we expect that our 10% correction seems like history. Does that mean we can rejoice?

Well, I feel better than I did yesterday, when I was surrounded by gloom and got the usual amount of "you are way too bullish, Cramer" stuff after my

Lucent

(LU)

-as-buying-opportunity filings.

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