Looks like they are taking out and shooting the only ones left, the only ones unscathed by the tech bear. In a market where some tech stocks are down 80 to 90%,


(CSCO) - Get Report






(ORCL) - Get Report


Sun Micro

(SUNW) - Get Report

have held up much better than the rest of the tech market.

Until today. Today they are crushing the big dogs. Today they are going after the true


leaders. The winners. The safety stocks. They have found our places to hide.

While I am not so glib as to say that this is "good news" for these stocks -- good news is when they go up, not go down -- it may be good for the market. Remember, we are in the process of putting in a bottom. In 1994, we did the same thing.

It's natural to believe that we can't bottom until every one of these leaders is taken out and shot.

For people like us, these price moves are the equivalent of assassination. We think enough damage has been done.

Sure, we could be wrong. But we are betting that way.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, EMC, Oracle and Sun Microsystems. 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