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So far

Nortel

(NT)

looks awesome and we are looking for offerings on the name, taking stock through 110.

JDS Uniphase

(JDSU)

looks like it has great revenue, but we need to know more and the stock us down two smackers right now.

LSI Logic

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(LSI) - Get Life Storage, Inc. Report

is actually trading down off that number and we aren't biting.

It's all good so far in our book. We were surprised -- and happily long -- to see

Compaq

(CPQ)

trade up for what we were all looking for.

But when the tape is one of these bull swings, people give you the benefit of the doubt. It is so kooky out there I wonder if Compaq would have gone down if it reported yesterday!

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