Is biotech real, or is it markup? Here is a group that I thought would bottom this week and we made some purchases in this area. That said, today is really the first solid day this group has put in during the last 10, so while I feel like it might be good, we as a firm are more skeptical.

We have only made small buys today and have not added up here because we are mindful that the buying might be from funds that are trying hard to regain some lost performance over the last few weeks. Phony buying, in other words, to enhance performance. If you checked in last month and you check in at the end of March, the losses are staggering and I am sure some managers will do whatever is necessary to move these stocks higher.

If it is true that the group has bottomed, it would be extremely bullish for the market because this group started the whole leg down. In many ways it is the speculative market leader. It was the most heavily margined and it was the riskiest.

Something to watch closely next week.

Random musings:

Wireless buys from this morning looking good. I still can't believe this

TST Recommends

Nokia

(NOK) - Get Report

. We bought some this morning and looked like total dopes. I found myself saying "Nokia is a river in Finland, Nokia is a river in Finland," something I often do when I am hideously underwater in the position! (And I share it with the site!)

Nice.

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