Taking Stock of the Situation

Cramer's looking for a squeeze up because he likes the premarket action and the raft of canceled deals.
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Are we back to where we were before the eBay (EBAY) - Get Report outage wrecked the Net?

Are we transported back to last Friday morning? Sure seems like it. We have a rosy tech feeling courtesy of

Cisco

(CSCO) - Get Report

. We have some good personal-computer pin action. You have to like the premarket action.

And we have some great news: The calendar is being freed from its dot-com chains. People are canceling deals left and right.

Feels good.

I am not going nuts to the upside. But I did wake up my partner,

Jeff Berkowitz

, to tell him our bottom call yesterday looked spot on and that I wanted to get a little longer. I ticked off all of the canceled deals. We were thrilled!

He reminded me that bonds have been the problem -- not stocks -- and that the productivity numbers last week stunk. I countered by saying, "That may be in the bonds."

Talk about the big issue!

Anyway, we are taking stock, looking for a squeeze up here, if only because, boy, were people too negative.

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