Once Again, Tech Says, 'Come Hither'

And investors obey the call.
Author:
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Helene's right. Tech makes the soft stuff vulnerable for a retreat. If people want tech they have to sell the defensive stuff.

But it shows you how crazy the market has become that they are also selling the auto stocks. In other words, the market is speaking in a forked tongue. It is not afraid of a slowdown so it is selling

Avon

(AVP) - Get Report

and

Pepsi

(PEP) - Get Report

. But it is afraid of the slowdown so it is selling

Ford

(F) - Get Report

and

General Motors

(GM) - Get Report

.

Amazingly, after all we have been through since March 10, tech is still the universal antidote. It is what people come back to when they think the economy is growing, not too fast to help General Motors but not too slow to help

General Mills

(GIS) - Get Report

. The

Cisco

(CSCO) - Get Report

well never seems to run dry. Nor does the

Sun

(SUNW) - Get Report

well. Or the

Oracle

(ORCL) - Get Report

well. They cannot stay away. Which is why it is so dangerous to short tech (Kensey, are you still shorting

Juniper

(JNPR) - Get Report

up here?) and why it is so hard to leave it.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long General Mills, Avon, Pepsi, Cisco, Sun Microsystems, Oracle and Ford. 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.