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First, stop denying it. The quarter wasn't any good. Second, accept it and move on, there are other opportunities out there. Third, stop being angry,


(DELL) - Get Free Report

been a great stock, made people a lot of money.

Yeah, it's like a death in the financial family, this Dell

unraveling. And it is painful. Suddenly because Dell disappointed we have to care about the multiple, and the multiple, up here, is still way too high for a disappointment. (For me, the pain at least has a finite quality to it. I am stopped out by using a call option instead of a common strategy, driven by fears put into my head, quite rightly, by Dan Niles in last week's big heads up. Still a big loss, but not life-threatening.)

Still, it is hard to deny that this Dell and



combo -- yes, HWP disappointed too -- can do anything but clobber the market.

Oh, and by the way, the Dell split is kind of like paper -- except the market's got scissors, not rock!!!!!!!!!!!!!!!!!!!! It was almost an insult to those on the call.

I wanted to get this bulletin out to people tonight because I am sure there is a lot of confusion about how a stock like Dell could be so clobbered by what looked like an in-line number. But what happened here is that Dell missed the revenue number, and the revenues don't lie. People will interpret this number as a sign that the industry at best is very competitive and at worst is slowing. Neither makes for good longs in the group.

But that gets back to the top paragraph of this piece. The unraveling of TSEL,

The Stocks Everybody Loves, is happening right before our eyes, right now, on our screens.

Yet there are segments of this market, cheap segments of this market, that are crying out to be bought. They just aren't in personal computers.

I am heeding that cry, and I am not going to shed a tear for Dell. Dell made me darn good money. Time to find the next one.

James J. Cramer is manager of a hedge fund and co-founder of At the time of publication, the fund was long Dell and Hewlett-Packard, although positions can 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 by sending an email to