Waiting for the Net Burner to Cool

This is something you have to live with if you want to play in the Net sector.
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Who turned up the heat? Who burned the omelet? When it gets this hot, you can tell that the shorts must have capitulated already and the insiders are looking for bids.

Five days of straight up will do that. It will make the griddle too hot. I am watching the DOT be burnt to a crisp and I know that I want to wait until the embers look grayer.

Fingers will be pointed. Was it this.com or that.com that caused it?

To me, that's the wrong way to look at it. The stocks ran ahead of a couple of good quarters and they are correcting. People got too excited. Shorts got too jumpy


and now they are gone, poof, no longer supporting the NDX.

This cool, sim, med, hot, v-hot thing is something you have to live with if you want to be in this Net sector.

Me, now I have to wait for the burner to cool. Heck, this BTU lifecycle happens so quick, who can tell? Maybe it will be over by today.

Stay tuned.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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