Darn it all, if only

Intel

(INTC) - Get Report

was reporting earnings this week. That would make a great one-two punch with this

Cypress Semi

(CY) - Get Report

news. The collateral damage

thesis would be totally validated.

It is difficult to feel positive given the hit

Motorola

(MOT)

has taken and the fact that Motorola is in so many markets.

We see other things we like. Biotech shrugs off

Biogen

(BGEN)

fairly well. The parts of Motorola that were good -- cable modems and infrastructure -- are strong. (That's

Nortel

(NT)

.)

And we love the action in the drugs and the foods, despite the awful

bond market. Oh yeah, don't forget the latter. Way too many bulls in that neck of the woods.

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