What you are seeing on your screen this afternoon is exactly the same process I detailed earlier today: rumors being spread that there will be more tech preannouncements at the end of the day. I will not traffic in the rumors other than to say that if it has a keyboard and it's not a piano, I have heard a bad rumor about it.
The same thing will happen again, too: If there is a preannouncement, the tech group trades down; if there isn't, it trades up, and there will be the same type of squeeze you saw this morning at the opening. That's why I am loath to be involved in the group right now when they are continuing to take my boring consumer stocks and I continue to believe that bonds run out of gas to the downside at the 93 level.
Sure, I would like to make a stand on tech. I would love to get long some semis and some softies after this downturn. And I have bought some telco and some Net. But not aggressively, because I don't want to be hostage to this rumor-mongering.
Remember, I am a trader. If I owned a great tech stock and I had a great view of tech out two or three years, would I sell it? I don't know. That's not me; it's not what I do. It may be what you do, but it is not what I do. And I hate the feeling of being out of control, held hostage to the rumor du jour against tech.
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.