The Yo-Yo of the Dow - TheStreet

The Yo-Yo of the Dow

Every time we crack that 10,000 point, buyers come in and take it back up. But for now, the Dow mocks the pain of the Nasdaq. Talk about it on our message board.
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The Dow Jones averages mock the pain we are feeling in the Nasdaq Comp. The strength in the Dow tells lies about the semis, the Nets and the printer/copier stories. It makes us feel foolish for being in tech and makes us great buying the stuff that is in our fridge and our medicine chest.

Cramer's latest: Tell us what you think on

TSC

Message Boards. Part of that strength is the yo-yo of Dow 10,000. Every time we crack it, buyers come in and take it back up. It doesn't really make us feel good as much as it makes us feel dizzy and nauseated!

You can tell that the temperature is rising rapidly for this market. The

Lexmark

(LXK)

conference call was a free-for-all with analysts unhappy with the guidance and the company in total denial.

Getting nasty.

The put-call ratio just came out for the

S&P 100

index, or OEX, and it still doesn't show enough put-buying to make me feel that a snapback rally could have legs.

Today's the day when you could browse your supermarket for stock ideas and make a fortune, but you could lose the whole ball of wax if you walk into a computer store.

Still not pulling the trigger on tech here. Still buying drug stocks. And headed to

Duane Reade

(DRD) - Get Report

for some new buy ideas.

Random musings:

Delayed

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TV show effect? If you watched our TV

show, you could have dumped

Lucent

(LU)

(which I have no position in)

at the opening

and saved yourself a heap of trouble -- and money. Here is something to watch: If our show begins to impact stocks, those who watch it will get a head start on those who don't.

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

jjcletters@thestreet.com.