It all began with
. That's when I date the correction. The stock was at 44 when we learned that the company wasn't doing as well as expected. It has been almost cut in half. Now the company is due to report. Its earnings estimate has been reduced to about 23 cents.
So maybe it would be fitting if we bookended the correction with a bottoming in 3Com after it finally reports this number.
Gee, that would fly in Hollywood or on Broadway. But this is Wall Street, and every time I try to make money off irony, I fail. Bad writers on Wall Street? Maybe.
That said, a decline in velocity is something that I do want to see, and we have that in tech.
. It's been in free fall for what seems like weeks, but actually is just a series of really horrible days. It isn't crumbling, however. Neither is
. That stock has been like a hot potato lately, but now it seems to be making a stand at 115. And
? Heck, talk about tells! A print went on "in the hole" at 29 3/4, and the stock's not only held, but it is up 1. That's what my wife used to call good "pin action." Heck, 190 bowlers have a right to call 'em as they see 'em.
Of course, these are simply positive observations. I don't own any of these stocks.
I guess that's what speaks the loudest.
Random musings: Primakov's
getting on 2 p.m. sell bandwagon with well-timed cancellation of his trip to Washington.
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 the stocks mentioned, although holdings can 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 email@example.com.