This Tape's Marvelous Resilience

Dell, Microsoft, Cisco, Yahoo!, Amazon -- they're all off sharply, and yet here we are at 9200.
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If Dell (DELL) - Get Report were to decline 33 points in a month, where would the market be? If Microsoft (MSFT) - Get Report were to report blowout earnings and then fall dramatically, where would the market be? If Cisco (CSCO) - Get Report dropped 22 points after an expectations-beating quarter, where would the market be? If Amazon (AMZN) - Get Report and Yahoo! (YHOO) were to get crushed, where would the market be?

Certainly not at 9200. Certainly not unchanged for the year. Certainly much lower. Yet all those collapses have occurred and here we are!

That, you see, is the marvel. People keep telling me I am too bullish, even though I have lots of cash and a defensive portfolio. I find it laughable.

But how can you not be impressed with how the market has taken the wholesale execution of its leadership, leadership I might add that people said if it faltered might cause the market to crash? Wasn't the correction, if not the wholesale liquidation of the Net stocks we are having, supposed to bring down the whole market? Shouldn't we have some serious losses in the averages?

Does that make me a moronic, rip snorting Texas long horn steer? Does that put me in the ring in Spain or on the hunt in Pamplona? No way. Please, don't mistake my enthusiasm for the backdrop as a clarion call to action. I don't want one of those sticks in my back and I don't want to end up a Big Mac! But understand the irony. The market, the

Dow Jones

, the

S&P

, whatever, was supposed to fall apart in the event Dell and the Net imploded. They did and it didn't.

Enough said.

Random musings:

What's missing from the crescendo in tech is the downgrades. Go back and look at the Oct. 8

bottom. It occurred right after someone wrongly downgraded Cisco. We could have used a downgrade of Dell just to set the negative picture properly so we could build a serious base and wash out all of these sellers. That's how bottoms are formed. ...

Cooking up a special anthology piece for Saturday, so those of you who are sharing a password, you still have a chance to get your own so you can read it over the weekend. Unless you simply want to read

Barron's

and find out that a giant meteor is going to land on the

New York Stock Exchange

, destroying all the net worth of the country. Yeah, that same meteor that was supposed to hit two or three times in the last year.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund was long Cisco stock and Dell and Microsoft calls and short Microsoft common stock, though positions 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 by sending an email to letters@thestreet.com.