Why do I think this rally feels more markup than "real?" First, because nothing has happened. Sure, we are further along in the tightening process. And we have lots of stocks that are at the low end of their ranges moving higher.

But there are many things that are working today that wouldn't be if this were not the end of the month. Let's take the

Intel

(INTC) - Get Report

move. Intel last week would have been down on the announcement from

Gateway

(GTW)

that it is going to use an alternate chip from Intel. Of course, Intel had Dan Niles' positive call from

Lehman

, but those comments were simply consistent with his comments at his previous firm.

Similarly,

Soundview's

negative comments about

DoubleClick

(DCLK)

would normally impact

Yahoo!

(YHOO)

and

America Online

(AOL)

. But they aren't today because institutions want those stocks higher.

I think worried portfolio managers who have been selling these kinds of names are not selling today in order NOT to hurt their performance. I think others are making things happen on the long side to boost performance. That confluence produces the benign moves we are having today.

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