Maybe it is vestigial, but I never mind a market that is led by the autos. There was a time, before the

Cisco

(CSCO) - Get Report

-

Complex

(meaning all of those post-1990 companies), where we would all be focused on the "motors," as they were called, and traders would be juiced to take stock in a bunch of companies. Those were the days when what was good for

General Motors

(GM) - Get Report

was good for the

S&P

.

Now they still have some clout, but most of the power is gone. Still, if the autos can rally, then you can make a bet that short-rates (to which they are leveraged for financing purposes) will be stable, that oil will go down and that the financials and the parts makers -- at one time giant parts of the S&P -- are going to be OK.

We are taking advantage of the declines in some cyclicals because of the strength in the autos, especially the ones that are down a couple on nothing. And, get this, we are beginning to rebuild our

MCI WorldCom

(WCOM)

position. You sell MCI WorldCom when all is great and it has wrenched out all of the costs of its recently acquired rival. You buy it when it buys a rival and everybody freaks out about the dilution.

It feels good to be back in MCI WorldCom. You know all of the brokers are going to recommend it, as this transaction will require investment banking business galore, and

Bernie Ebbers

plays favorites. You also know that Ebbers won't let you down. He never has. I guess that means we are taking the other side of the

Merrill

squawk to lower the price target.

Mattel: Tell us what you think on

TSC

Message Boards.

Random musings

: Emailers comparing

Mattel's

(MAT) - Get Report

buy of

Learning Company

to the

Cendant

(CD)

situation. I think that's a false premise. No one knew how corrupt

CUC International

was.

Herb

told you how bad Learning Company was. I am thinking about comping the board of Mattel with some free

TheStreet.com

subscriptions so they can read Herb ahead of the next acquisition and stop the imploding once and for all. Talk about saving money, Mattel could have saved its company if it had read Greenberg. I am thinking, hmmmm, new ad campaign for Herb: "Billions and Billions Saved." Certainly beats that "Herb the Nerd" campaign of the other guy!...

Also weigh in on

Cramer's Red Hots. You have to love the way

Foundry Networks

(FDRY)

took its new entrance into the

Red Hots!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, MCI WorldCom, Conexant, Redback Networks and Juniper Networks. 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.