Congregation Swells for Semiconductors

The trader expects to be faithful to semis to the end of the quarter and sorely regrets his transgressions.
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How many portfolio managers can you fit into the semiconductor stocks? After today, I would have to say all of them.

We only have a couple of weeks left until the end of the quarter. The action in the semis on a down-120

Dow

points day shows me that between now and the end of the quarter you are increasingly unlikely to see any sort of selloff in these names.

In fact, if mutual fund history is any guide, every short-term decline in this group for the next two weeks will have to be bought.

I know I sorely miss my

Micron

(MU) - Get Report

. We sold it up four. Thought we had a good one going. Now it is up another five. We are down to tag-ends in our

Texas Instruments

(TXN) - Get Report

. I want to rebuild that one. And what the heck, where did all of our

Analog Devices

(ADI) - Get Report

and

LSI

(LSI) - Get Report

go?

In the odd world that is institutional investing, if you don't own some of these stocks at the end of the quarter, you are going to have to answer some tough questions. Whenever a group so outperforms its peers, whether it be biotech, or the Net, or oil service, you will have individuals, including trustees asking why you had nothing in a group that seemed so obvious to everyone, including themselves.

That's why, when I was out of pocket after the close, I was gratified to hear that some people weren't too keen on

Oracle's

(ORCL) - Get Report

numbers. My first reaction to

Jeff Berkowitz

, when he filled me in, was "Oh boy, another chance to scoop up some chips."

Wall Street isn't like Hollywood or baseball. You can't overexpose yourself. You can start every game with the semis.

Hey, maybe the

Consumer Price Index

will disappoint and I can get my Micron back! What a group!!

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