Split down the middle. That's how my parnter,

Jeff Berkowitz

, describes the crowd at the

Morgan Stanley

conference. Half of the portfolio managers are bullish as all get out, and half are living in total fear of the next preannouncement. Sometimes people have the polar opposite view of the same meeting!

For example, Jeff calls me after the


(MU) - Get Report

meeting. The stock is up a buck and a half when he calls. "How is the stock?" he asks? Gee, I say, "acting great and they keep taking it."

Wow, he says, "pricing's not so hot -- I wouldn't chase it." Next thing you know, an hour later, the stock is down a point. The bears have taken it over.

Yep, the schizoid group out there can't make up its mind. That means we are in for some wild trading. I told Jeff I only wanted to hear "noncontroversial" tech stories. That was two hours ago. Haven't heard from him.


James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund had no positions in stocks mentioned in this column, though positions 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 by sending an email to