Net Discipline Can Still Hurt

eBay and @Home are demonstrating that the Net stocks still have the power to ramp.
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The animal spirits of the Net are back! For a few days there I had thought this market had lost the power to ramp, but

eBay

(EBAY) - Get Report

and

@Home

(ATHM) - Get Report

remind us that the Net stocks still have the power.

I just sold my eBay, locking in a nice gain, and already I feel naked without it. But I said I would take it off the table after the split, and now that the split has come and gone, I have said goodbye.

@Home is more painful for me. I left the stock after the acquisition, thinking that arbitrage pressure would keep it from having the precisely the kind of ramp it has today. Too much discipline hurting me with the Net again? That sounds like the old days when the Net made us money every day.

What's changed? I think this is what the market looks like when the bonds are benign. It has a nice bias, a good upward feeling from the financials and the drugs. And I think the bonds get better. And I love the way the Net shrugs off

Intel

(INTC) - Get Report

. In fact, I am beginning to believe that the Net and Intel may not be able to coexist in the same space for a few days, meaning that the network appliance, which is not an Intel product, is going to thrive as more and more people just want the Net and nothing but the Net.

I always rejoice when I see

Helene Meisler

on the same page as me and indeed I am buying many of the same names that she

highlights. Her charts and my work are in agreement, which usually means a couple of days of some good money for the longs she highlights.

We are off to the

Merrill

conference, where we hope that the worst that occurs is

Coke

(KO) - Get Report

, which spoke this morning.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 by sending a letter to TheStreet.com.