There's a Soaring Bank Index, and a Not-So-Soaring Nasdaq - TheStreet

There's a Soaring Bank Index, and a Not-So-Soaring Nasdaq

Cramer sees the two big camps, the swift techies and the lumbering value guys, doing their respective things in today's market.
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Maybe tech has to sell off for the market to rally.

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I mean, take a look at these mutual funds. The ones that are so far ahead are all loaded with tech, and the ones that are stuck in the mud own all of the stuff that went up today.

So the tech guys lock it in ahead of the big Y2K lockdown, and the other guys get tired of letting the cash build and they put it to work.

And who can blame them? As I was trying to do a new model for

Chase

(CMB)

today, I was struck that you could buy Chase for 13 times earnings with excellent growth products and a smooth set of earnings.

What is the point of waiting for the

Federal Reserve

to act when the stock has already been hammered into a teeny-weeny multiple?

How about

Goldman Sachs

(GS) - Get Report

, which has the power to earn $5 next year and trades in the 60s? What the heck is that all about? You don't get much better than Goldman.

So, the two big camps, the swift techies and the lumbering value guys, are doing the respective things that they do when one is up big and the other is behind the averages.

And you get an up-92 day with a roaring

bank index

and a stinky

Nasdaq 100

!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Goldman Sachs. 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.