Why not sell technology? Why not jettison it and just go long all of the Chases (CMB) and the Mellons (MEL) you can find? Believe me, we have this debate every day at Cramer Berkowitz, and I want to bring you in on it.
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Message Boards. We don't like to own stocks that go down or do nothing. Remember, every hour, I schlep into Jeff's bountiful, spacious, beautiful, twice-the-size-of-my-office office and sprawl on the floor next to his coffee table -- like I have room in my office for a desk, let alone a coffee table -- and we go over each stock painstakingly and rate them.
These sessions are kind of like rotisserie baseball or football sessions -- you know, where we make cuts, try to fill up the roster with good players and avoid the guys who make errors. Right now, the tech players are making a lot of errors.
But we keep them on because we know that the financials, the foods and the drugs, while great catch-up players for this tape, really don't have the longevity that tech has. Yeah, there is a word that you usually don't see much associated with tech. But the staying power of the companies and their managements in this sector is just too great to field a team without them.
Over the next few weeks, as this strong move plays out, I will continue to refer to techs because they have to be part of your portfolio. In fact, I don't think you have a portfolio without them. But the action here and now is strictly
. And I am not going to bench those players yet. Not when the going is this good.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Mellon, Goldman Sachs and E*Trade. 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