On one hand are the miserable bonds. (You call them that when you are long them and they are going down.) On the other hand is Cisco (CSCO) - Get Cisco Systems, Inc. Report, which has become the Intel (INTC) - Get Intel Corporation (INTC) Report of new tech in that Cisco sees just about everything involving the Net.
Tonight Cisco reports, and I expect that we will get the definitive, non-on-the-take report card about the Net and its growth. Cisco has a habit, never broken, of telling the truth about the marketplace, and if it sees any acceleration or any slowdown, it will certainly let us know.
Of course, Cisco itself is widely expected to report a good quarter. Whether good means 117 good or 109 good -- or 107 good, for that matter -- probably depends more on who is in the other corner: the bonds. The buyers don't want to pay up for high growth if the bond market won't comply, and right now, as the bonds trade under 92, they are strictly in noncompliance with the growth theme.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco and the 30-year bond. 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