Connecting With the DOT - TheStreet

Connecting With the DOT

TheStreet.com Internet Sector index is flirting with a breakout just ahead of Yahoo!'s report, but Cramer's a little worried about the timing. Discuss it on our message board.
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Don't look now, but the DOT is flirting with some sort of breakout. I am of two minds about that chart for TheStreet.com Internet Sector index. The first is that, can you believe, despite all of the naysayers, that the DOT has rallied this high? This index has been written off more times than the books of Waste Management (WMI) !

Second, though, is that tonight is

Yahoo!

(YHOO)

. Tonight is the night when Yahoo! announces earnings, and we already have a whisper number, set by

CNBC

, of 12 cents a share. That may be hard to beat. (Couldn't one of you bulls have gotten to

Costello

and told him the whisper number was 11 cents? I mean, these guys get manipulated all of the time. Shameless as that is, would it be so bad if the manipulation were done by some bulls occasionally? Of course, I am excluding

Bartiromo

, who is a card-carrying,

MU

(MU) - Get Report

-lovin', bull-of-the-month club member.)

Join the discussion on

TSC

Message Boards. Historically, when Yahoo! reports, it has marked the peak of the DOT. That makes sense, as other than Yahoo! and

AOL

(AOL)

, nobody actually makes money on the Net, so it's usually downhill from here.

Me? I am long Yahoo! and will be long it into the quarter and long it after the quarter, etc., etc., etc. (If you buy it because of that, good luck. I have been consistently long Yahoo! for two years.)

That said, I sure wish that one time, maybe just one time, the DOT wouldn't be at its high ahead of this number. Too much fate is being tempted.

Of course, I will be at my turret when Yahoo! reports to see if the

badlands have at least become like the territories now that there is a

Nasdaq

ticker. Stay tuned.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo! and America Online. 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.