Chain reaction from

Dell

(DELL) - Get Report

? The bulls sure hope so. It wasn't a perfect quarter. NO BAR RAISING.

But they did stick by previous revenue guidance. At 45, that's probably a win. It is trading up a couple and seems like it could lead a sector out of the wilderness.

Earlier in the day we bought some

Compaq

(CPQ)

off of some call that says this transition quarter may be going better than expected. It would be truly shocking if this, the least in-favor aspect of tech, actually rallied tomorrow.

Stranger things have happened.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Compaq and Dell. 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.