The Bonds Are Our Shepherd

Now Cramer's just waiting for the programs to work their black magic and knock down his favorite tech stocks.
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Bonds don't like it. That means we don't like it. We are sheep to the bonds' shepherd, and we tend to follow orders. We were afraid that someone in the dollar/bond contingent wouldn't go for whatever the Fed threw at us, and that was spot on.

Now we wait for the programs to work their (evil) magic and knock down our fave tech stocks (can't buy the financials on this one) so we can pick up some. We tend not to like to buy stocks that aren't down; they aren't gifts. We are looking for stuff with catalysts, like



, which reports tomorrow evening. Or


(MSFT) - Get Report

below 90.

What we are not buying: oil service, banks, financials. What we are buying: semis, the Net.

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