Sunshine Over London

The U.K. market is finally looking up, which Cramer thinks will help markets here.
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Intel

(INTC) - Get Report

up.

Compaq

(CPQ)

up.

B2Bers up. Tell me something I don't know.

OK, here is the first day I can recall when

London is not ugly and soggy and casting a pall over our markets. Every morning we come in here and feel the weight of that most unattractive of the world's markets.

Join the discussion on

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The reason, of course, is that the British market trades a lot like our market, ex-technology. It is totally hostage to interest rates. Only tech stocks can defeat rates because tech is not as subject to a quarter-, half- or three-quarter point rise in rates.

I regard the British market as an important tell for the rest of the market, which I think will probably be stronger today because there is no British hangover.

We are still buying tech, but this British resurgence makes us feel a heck of a lot better about the rest of our portfolio this morning.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel and Compaq. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or TheStreet.com New Tech 30 index. 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.