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Here's a rapidly combustible combination: hedge fund short-sellers and tech buyers, courtesy of the good news coming out of the BancBoston Robertson Stephens conference so far.

There is always a mindset, a viewpoint that "the market" has.

Jeff Berkowitz

, my partner, has a constant mind meld with "the market." He calls me just now from Robbie Stephens and says "the mood here is that we were too positive in December but got too negative in early February." There may have been "an uptick" in business in the interim, or perhaps things just weren't that bad.

In the meantime, the market has that feeling of massive capitulation, that someone who was short a boatload of calls or owned a huge number of puts on the SPX is blowing them out and flattening out before the market flattens him out. Periodically we see this kind of thing where a large bet backfires, and I can feel, on my screens and in my blood, that someone bet the wrong way and is doing his best to get out alive. Good luck.

As one company after another takes the stage at Robbie Stephens, the stocks fly. Even the ones that are saying things are just OK.

The ones that are good? You see them: Their stock is up 5% and change.

Editor's note: For more on the BancBoston Robertson Stephens Technology Conference, see


continuing coverage this week.

James J. Cramer is manager of a hedge fund and co-founder of 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 by sending an email to