Waiting to Tech-xhale

Banks and drugs seem like better places to go for a trade than tech, Cramer says.
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Ah, the tranquility of the Net! Never thought I'd write that. These big PC calls get made; they blindside; they hurt. The impact call, the call that is so proprietary that it takes the market by storm, can't be trifled with. I can't stand there and take the other side of panicked sellers.

Blind reassurance ain't my game.

The thing that makes this

Nasdaq 100

(NDX) game so tough is that the NDX is now down 54 points. If the pattern holds true and you go in now, the short NDX mutual funds, the ones that come in at the end of the day and accentuate the negative (or exacerbate the positive if the NDX is up), will take your head off at 3:30.

Better to wait. Better to see.

No heroes on Friday mornings. Not with the 2:00 p.m. heat-shield hour and the mutual fund blast time at 3:30 p.m. And ahead of a three-day weekend.

The clues away from tech are more encouraging. Banks doing OK despite the bond selloff. Drugs holding in. Those seem like better places to go for a trade than tech.

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 a letter to TheStreet.com.