In This Corner, the Champ

The bull went to a six-count, but a robust report from National Semiconductor and Yahoo!'s continued strength helped KO the bear.
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The bull took a six-count, shook its head, put the mouthpiece back in, and hooved the bear back into hibernation -- all in one session!

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Oh, the bears will be screaming for a rematch, and some strategist will say that the bull got too long a count. But let's face it -- you gotta give the benefit of the doubt to the reigning champ.

What turned things around? I think it was

National Semiconductor

(NSM)

, which makes chips for virtually everything. It gave such a robust conference call that it allayed a huge number of fears.

And speaking of undisputed champs, don't forget

Yahoo!

(YHOO)

. People thought the bull was left out to the post-

S&P 500

pasture.

People were wrong! What else is new?

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