They like old-world tech because they can move in and out if they are wrong. They fear new tech because of the margin problems at the end of the day and they can't swing around 50,000 shares without wrecking them.
Again, that's textbook. It reminds me of the days when people would buy
P & G
right here when the smoke had cleared. Now they buy
Most of you are individuals. You don't know what it is like to try to swing 50,000
. You can't get it done. It can't be done. So you go buy what you can buy: old tech.
Reminder: Don't get too cocky about the long side -- lots of people want out and need to be out. It won't be a whoosh back up.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, Intel, Sun Microsystems, MediaPlex and Oracle. 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