This Greenberg-Fleckenstein Dell (DELL) - Get Report stuff is just too juicy to pass up -- and not just because I am going at it with Fleck tomorrow at 5 p.m. on a Yahoo! chat.

It is compelling because I used Fleck's information to make some real bucks last week --

on the long side

. There are a gazillion hedge funds out there looking for an edge, looking for something to bet against, looking for a negative story. When they find one, they can't resist. Fleck's negative Dell story was too sexy for them to pass on. They all piled on, buying


shorting the stock, getting ready to pounce big-time when Dell dropped to the mid-40s. We heard our brokers all week talking about how people were buying puts or offering stock short. (It just happens, we hear it, and they talk about it. That's called institutional flow and it is one of the advantages of being big. )

So what did we do? We bought some cheap

out-of-the-money Dell

calls, betting that if the company "did the number," it would fly, the same way



flew when it did the number. Too many shorts; not enough stock to cover with.

We caught a double. We booked half and decided to play with the house's money for the rest.

Increasingly as this market churns and burns

the short side will get too crowded and longs can bet that just-OK news -- like the news out of Dell -- won't cause the stampede that shorts need to ring the register.

It's the revenge of the longs in a tech bear market!

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