Hey, Good-Looking

The trader enjoys good earnings news without a rate hike. Meanwhile he muses about overnight traders and more.
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Ah, bears frying on the red-hot griddle. No rate hike, good earnings news from a bunch of telecommunications and entertainment companies and a ton of short-covering, as the big puts buyers blow their losses out and try to salvage a little capital. Good script.

In the meantime I am watching the

Muriel Sieberts

(SIEB) - Get Report

and the

JB Oxfords

(JBOH)

go nuts, and again I realize that I have to get a handle on what the overnight traders are thinking. It seems that if

E*Trade

(EGRP)

has an outage, you are supposed to, immediately, buy every other little brokerage. Why this stuff doesn't come to me, I don't know. Must be those years at

Goldman Sachs

, where they taught me that things like this shouldn't and don't happen. The Net stocks break the rule book every single day.

In the meantime, 2 million shares of

3Com

(COMS)

keep looking for a home, or at least it seems that way. Call the pound!!!

Random musings:

As

Amazon

goes, so goes the DOT,

TheStreet.com Internet Sector

index? I am beginning to think that Amazon more and more is the key of the large Net plays. You can't have it go down and make money away from it. Just a supposition, but it sure seems right....Sutro downgrades

Cisco

(CSCO) - Get Report

!! Yeah, that's the way to make a name for yourself.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication, the fund was long Amazon.com and Cisco, 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 letters@thestreet.com.