Before the close, we did some high-tech fill-in buys. We took a little Veritas (VRTS) - Get Report and a little PMC Sierra (PMCS) . Small lots. We figure that the sellers know nothing and are just ringing the register on some profits.
We are fascinated by the way Web-infrastructure plays trade here. We know these are going to be strong quarters, so we don't dare short. Witness the squeeze up on
But we don't want to go long because the stocks have had a good run here and I don't know what they'll do for an encore. At my
panel this afternoon all the panelists were uniformly negative on all of the dot-coms, which caused me to speak up for
, which I think is a winner in all of the chaos.
But it got me to thinking, man, the negativity toward dot-coms in that room was so palpable that there have to be some buys. Just have to be. We are redoubling efforts to find them .
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Veritas, Yahoo! and PMC Sierra. 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