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The rest of the market is playing its favorite game, the game of catch-up. That's what you have to figure when the foods, drugs, banks and cyclicals are all doing well, and the fave names in tech are doing poorly.

Understand that the


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underwriting, down 3 1/2 from where it was priced, is very disconcerting. It says that some people think tech has moved too far vs. the rest of the market.

We are sitting here thinking, "Can we buy more tech now that it is down, or is it better to wait to see if Cisco acts better and do nothing, or to take more


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Bank of America

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No resolution yet, so we do a little tech buying and a little financial buying, but nothing with any gusto.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Cisco, Chase Manhattan and Bank of America. 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