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Smells Like Animal Spirit

And we don't mean bears. The big moves in old tech Monday seem propelled by almost totemic forces.

If it had a pulse and it was on the


it was up today. Especially in the


. You can imagine how much it must drive the bears crazy that the DOT and its brethren came back today. You could tell that many of the journalists who have not moved over to the Internet revolution were positively gleeful these last few weeks as the dot-coms rolled over.

Their smirks and obituaries, hourly at times, look pretty stupid right now.

The incredibly strong moves, however, belong to the grouping of old tech. It doesn't take much to move a lot of the smaller dot-com names, but it takes a huge amount of institutional firepower to get


(CSCO) - Get Cisco Systems, Inc. Report

up three or


(MSFT) - Get Microsoft Corporation (MSFT) Report

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up four. These are mammoth moves, the kinds of moves that have animal-spirits in them.

All day I saw institutions taking giant offerings in the big


names. It looks like everybody who wanted to sell has sold, with very little supply left over for those coming in now. This is one more reason why I pushed so hard to tell people that once we were past the

Big Bad Event, you had to commit.

But those who got in this morning didn't fair so badly either. Ultimately, today speaks to the increased irrelevance of the

Dow Jones Average

. Tomorrow when we see the

Investor's Business Daily Mutual Fund

index you will notice the huge gain. These days these funds are more in sync with the DOT than the Dow!

And why not?

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