"I'm seeing the same thing in
," I second. Suddenly the hunt is on. We hit research sales wires: "Did anybody squawk on the Net?" Our traders hit traders' sales wires: "Hearing anything, Inktomi or eBay? Is eSlay down again?"
This time-honored conversation that seems to happen at least once a day is why we are so sick of the Net. Everything in the tech world is just fine. The
Red Hots are red-hot.
The Stocks Everybody Loves are cooking. And the darn Net starts rolling over.
Maybe the damage will be contained to those two. But who knows whether the daytraders are keying on those two stocks and they have to be out before the end of the day or risk a margin violation?
For the longest time, we figured that was the risk you have to take to be in the Net because the performance is so great. But the Red Hots and old tech are generating such superior returns, we don't want to play the margin-clerk game anymore.
Does that mean we are shorting the Net? Not a chance. We are too bullish right now.
But it does go a long way toward explaining why the Net is not the preferred playing field around these parts.
Oh, by the way, nobody said anything about these stocks. If they are going down, it has nothing to do with the great Wall Street promotional department.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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