Looks like nothing happened when I was away. My screen shows pretty much the same prices from when I left, so I guess I picked the right time to go to the islands.
Did I ever miss a couple of wild sessions! Since I didn't read a paper or call the office until the Friday before I came back, I don't want to pretend knowledge. But one thing I want to emphasize is that so many people have so little faith in the Net that my mailbox last Monday was deluged with people telling me how wrong I have been and how dangerous I am to the health of our readers for praising the Net. I felt like I was reading a
novel, with me as the hideous, ever-mutating villain, luring people to put money to work in a sector that evaporated the day I left! (Guess what I took for beach reading?)
To which I say, the proof is in the closing prices that are on my screen a week later. The Net survived another vicious onslaught, and the good ones are all higher than when I left them. Some of them are much, much higher.
At some point, someone is going to notice that this sector's resilience may be related to fundamental changes in the economy. At some point, people will understand that some of these stocks are not fads or bubbles or frauds or jokes. At some point, the obituaries will stop being written for the whole group (although some stocks, like in any industry, will fail).
Until then, the dozens of you who gloated over the vicious Monday decline will have many more chances to gloat.
And just as many chances a day or two later to eat crow.
The only stocks lower than when I left are the cyclicals. Hmm...
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in the stocks mentioned, although holdings can 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