Technicians who care about overbought and oversold readings must be going bonkers here with this move in the semiconductors.

One of the great trading adages is that an overbought group -- one that has gone up in a straight line as frantic buying overwhelms the supply -- is a dangerous group, ripe for a short-term fall. But the semiconductors, as represented by the

SOX

index, hasn't even blinked. It goes up every day. I lost my

Texas Instruments

(TXN) - Get Report

in a

great

trade literally 8 points ago yesterday because I was concerned about the overenthusiasm that these stocks were showing (using the old methodology of scaling out of highly overbought situations).

Wrong!

Join the discussion on

TSC

Message Boards. As this era rewrites the

rulebook on so many different areas of trading, I am wondering whether I shouldn't be

buying

the most overbought, not selling.

Or, put another way, Bizarro could trade the semis better than I could right now.

Random musings:

This market is absorbing a ton of selling. Most of the big sell orders I have seen this morning have been lapped up by willing buyers, except in cases where word has it that an acquisition might be in the works (

Johnson & Johnson

(JNJ) - Get Report

and

American International Group

(AIG) - Get Report

), even if I don't think it is true.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Johnson & Johnson and American International Group. 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.