Watching the Semis Sizzle

Cramer looks at the strength in Novellus, which just reported its quarterly earnings. Plus, join the discussion on our message boards.
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The shorts must be feeling referral pain. They know that the semiconductor-equipment stocks are going to be sizzling off of this

Novellus

(NVLS)

blowout.

Tell us what you think of Cramer's latest on

TSC

Message Boards.

They are all being bid up as I write. I tried to take some

Applied Materials

(AMAT) - Get Report

at 83 7/8, but someone got there ahead of me and now the only offering is at 85. "Come on, hit me down here," I say to myself, but the sellers have either gone home or disappeared.

We don't know ourselves whether to be more aggressive. We figure that the bonds will open up and sell off tomorrow because oil has rallied, and we will get to buy some of these stocks more cheaply. But that's probably foolish. These stocks are arrogant. They thumb their noses at those of us who worry about the bonds.

Ironically, I thought it was Novellus that was going to beat Applied Materials to 100, a prediction I made when our

TV show began. Well, long term, it just might happen! (he said hypocritically).

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