Check Out Those Net Stocks

Glad I stuck by my drug guns.
Author:
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You want strange? Check out the

DOT

. With the

NDX

being hammered, and the financials getting laid to waste, you would think the DOT should be rolling over big-time. But

remember who owns these stocks

. People who don't believe in the bond-stock linkage. People who think the growth in the Net is so great that it can't be handicapped by a small blip up in rates (although if you are long bonds like I am, it doesn't feel very small, indeed).

People who don't watch the bonds, or, more likely, thank the bond folks for giving them another, better opportunity to buy their faves.

I have never been one to pass judgment on this lack of focus on the bonds. Sometimes I wish I were younger and didn't even know about the linkage! (My best trading of the Net tends to be when I follow Dylan's "I was so much older then/I'm younger than that now" adage.)

So, I find myself nibbling at the Net even as I sock in the cyclicals. And I am glad that I stuck by my drug guns, even as I was bombarded by people telling me the selling there is overdone.

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

letters@thestreet.com.