Straddling the Line

Good news and bad came out today.
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Not good, not bad, with a genuinely deceptive Dow close. Heartening: the action in the disk drives, which have been in stock market Hades. Disheartening: the inability of the telco communications group to do anything but spin its wheels. Heartening: the rally in the drugs and banks at the close. Disheartening: the endless inflation talk on CNBC today.

You folks have given me my marching orders for a rewrite. For what it is worth, the Trading Goddess thought that the "rally" was textbook but that we need to hear what comes out of the

Goldman Sachs

tech conference next week.

What a switch; I am watching the technicals and she is all over the fundamentals.

Hey, a couple of other tells. A piece of

Oracle

(ORCL) - Get Report

that traded at a discount held; so I will be looking at that on Monday for a trade to the long side. And

Home Depot

(HD) - Get Report

seems to have found a level where it seemed like the worst was over after monster selling. Took a little for a trade, but no conviction other than a love of the company. And

Western Digital

(WDC) - Get Report

, which I was going to rename

Southern Digital

for the direction of its stock, seems to have been halted in its decline by an OPCO upgrade.

I congratulate a tech analyst for coming out of his foxhole while the shelling was on to make a brave call. No flies on that guy. They are turning off our computers for a switch to Pentium II 400 mgs right now, so that will have to be all she wrote for now.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication, the fund was long Home Depot, although positions can 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 by sending an email to letters@thestreet.com.