Playing for the Whole Bond Shooting Match

Good data, good IBM news -- heck, even Dell's getting a bid.
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"Nope, not yet, not a single bond. Not even an E savings bond!!"

That's just me nixing my partner,

Jeff Berkowitz

, on the idea of taking something off the table on my bond position, which is now positive. (I have a 92.228 basis on $75 million of the current on-the-run 30-year, for the

record.)

I think this market holds the key to just about everything, and I love the action post-Rubin. Can you remember how many times the bears put out those rumors that Rubin was going back to private life, and the hit these bonds took?

Now that the worst has happened and some good macro news awaits, not to mention that the oil market is rolling over, I am supposed to take this little 25-tick pop? No way, I am going for the shooting match.

In the meantime, the backdrop of bonds helps everything growth and The Stocks Everybody Loves are set to romp again.

Gerstner's

got his stock up a couple of bucks from the get-go and

Cisco

(CSCO) - Get Report

looks like it is breaking out. And

Dell

(DELL) - Get Report

even gets bid up, not to mention all the Net favorites after the

BT Alex. Brown

upgrade of

Lycos

(LCOS)

. Keep Diller away from the Net and we could have a couple of good days.

And don't forget Brazil. Money in down there. Gotta love that. Remember when the bears wrote off that great country? Why, that might have been as recently as two months ago. Hoo-hah!!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, Dell, IBM and the 30-year Treasury bond. 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

letters@thestreet.com.