Short-covering after the

BBE

. Nothing like it. People who have been coining money being short

AOL

(AOL)

, suddenly discover that there is a lawsuit in Portland that makes AOL's non-cable buy strategy look brilliant. They are covering.

The big

Supercomm

show, an Atlanta-based showcase for telco-tech next week, has short-coverers bringing in those shorts while there may be some profits left.

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Even the lowly

DOT

, the new whipping boy of the T.V. and dead-tree crowd -- all of whom alternately want to set up their dot-com crowd or crush those of us who have them -- has some lift.

Now the futures guys, the last hold-outs, are covering their shorts, adding fuel to the fire.

Why don't I think it is real buying in this last hour? Because while the first four hours had institutional buying, these last few points in stocks have been done on NO volume whatsoever. Even AOL, which I am homer for, moved up three points on NOTHING.

When stocks go up on nothing, as these stocks have, it usually is short panic, not long buy.

Longs

: Take it where you can get it. Feels just as good to sell to a short-coverer as it does to a long buyer!

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