Tech Horsepower - TheStreet

Tech Horsepower

Despite all the shorting in the past month, old-tech names still have strength.
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Lots of

Nasdaq

tech buyers coming in at the close. I can't tell if it is short-covering or just people taking in new money at the beginning of the month and aggressively deploying it, but it will have impact.

To me it is all old tech that is working best, the usual horsemen who have taken us so far. The action in

Microsoft

(MSFT) - Get Report

is telling. Everyone told me this stock would "mark time," which in this business means "go down."

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But this is a stock that dances to the NDX tune, and if people have to bring in shorts in tech, 'Soft rocks.

Cisco

(CSCO) - Get Report

gets a similar boost.

It sure is great to see that old tech has legs. Given all of the shorting that has gone on in the last month, I would think that the strength could be potent.

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