End of the month. Two new Amerindo funds to buy out-of-favor tech and biotech. Lots of markups. Plenty of stocks that "need moving." Still plenty of firepower.
That's all a part of the green that you may be seeing on your screens. For us, it is still one more endless opportunity to reposition. We want to sell or short some Net, Net tech and Net advertising stocks into the strength and lighten up on the semis that we traded into on Thursday's weakness.
This month has been abysmal for the tech funds. But that doesn't mean jack to these folk. They can "make it happen" for a couple of days to generate some performance. The betting here is they will. Remember their thinking: "We move 'em up today, we try to preserve them tomorrow and then we get new 401(k) money in come June."
I can't believe people still play this game (see
Buzz and Batch for how it works), but considering the amount of money -- and bonuses -- at stake, it is to be expected.
problems? Tech is so anemic I hesitate to defend anything, but these negatives about this one just aren't checking out.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long EMC. 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