Throughout this glorious, often mocked, Nazzdog run (yes, all traders call the Nasdaq Nazzdog when they aren't calling it N's, as to be distinguished from S's, which is the S&P), there has been one real dog that hasn't been in the hunt to 5000: Microsoft (MSFT) - Get Report.

In fact, the amazing thing about this Nazzdog romp is that Microsoft, the largest company in the whole darn thing, has been terrible -- even though business is pretty great.

Today, we find out what happens when the biggest dog gets its nose back.

I think you will be surprised how much this one component can swing things. And if I am right, the whole Nazzdog will benefit from the return of Mister Softee.

(By the way, this Mister Softee stuff started as a way to identify Microsoft from MFST, the old

Metro Fiber

. So often we confused the two at our shop that, after one buy of Metro Fiber that was meant to be Microsoft, I banned the term MSFT and insisted that it be called Mister Softee, a name that I liked for its cruel,

Stalin

-like irony, as Microsoft is the toughest company since

Standard Oil

.

Mark Haines

liked it, end of story. Except how much I miss "Squawk.")

I think it will be explosive yet again because one component can have a dramatic effect on an index. Take the case yesterday of the amazing run in the

Philadelphia Semiconductor

index, or the SOX.

Rambus

(RMBS) - Get Report

, a minor player in the semiconductor firmament, is a major player in the SOX index. If it

rallies, it can pull the whole index upward. That move then emboldens people to take other semiconductors. And then you get a ramp up.

Same thing could happen to the Nazzdog today if we find out more positives about these

settlement talks, as Microsoft traded to the high teens not long ago on similar discussions.

Don't know if it will, but I sure am betting this way.

Random musings:

Bear Stearns

starts

Palm

(PALM)

with a buy, so right now it looks like

Matt "Love Palm" Jacobs

1, Palm-haters, 0. ... Not freaking out about Europe's decline. Remember, it went up with the

Dow

; it goes down when the Nazzdog goes up. They don't have enough tech over there yet. ...

Nokia's

(NOK) - Get Report

4-for-1 split was not hyped on the wires because it was already known and announced before. Still drove the stock up 4. What a market! ... Stop everything and read

Jim Seymour's

great

piece about why B2B is not a fad. It is fantastic.

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