Tech Is Down, but Not Out

Staying away from it in the short term is OK, too.
Author:
Publish date:

Why not buy the "winners" Sun Microsystems (SUNW) - Get Report and Oracle (ORCL) - Get Report and Red Hat (RHAT) and the other Linux companies?

Because tech is too wounded. We have to give it a couple of days. We bought some Sun Microsystems on this theory but only 10,000 shares. We are looking for opportunity away from tech, not in it. There will be plenty of time to get into the other names that could benefit. (We came in long some Sun Microsystems and Oracle but sold some of them to be able to buy them lower later, which has been prescient.)

In the meantime though, do you want to be there for the earnings of the Linux companies?

I mean like, what earnings?

To us it was a pleasure to be on a Merck call. Confidence. Hope. Nice analysts. Nobody jumpy. Nobody shell-shocked.

Sometimes it is OK to stay away from the tech table. It is not un-American or uncapitalistic.

It is realistic.

Random musings:

Bulls, be grateful that

Goldman Sachs'

Microsoft analyst Rick Sherlund cut his revenue estimates a week ago for Microsoft. We would have crashed today without that heads up.

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