We like the pin action in the old-fashioned Net plays. We bought some Lycos (LCOS) when it was weaker off the European Lycos filing. We are impressed that America Online (AOL) seems to have lost that downside momentum. Maybe these older Net stocks just trade with the Dells (DELL) - Get Report and the Intels (INTC) - Get Report.

Whatever. But there was a virtual bear market in this group and it seems to have runs its course.

Throughout the day, we expect that individual stocks will retreat, but we like to take our cues from the action in the up stocks. It would be a gift if the

Ciscos

(CSCO) - Get Report

or

Yahoo!s

(YHOO)

came down at this juncture. We don't expect the gift, but we would welcome it.

Random musings

: Under the title winners win, how do you like all of the good stuff

NT

(NT)

throws at you!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online, Dell, Intel, Cisco Systems, Yahoo! and Nortel. 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.