We are enthusiastic about the way some of the newer tech names are holding up and we question whether we are seeing mark-ups of those names, that ridiculous process where money manager support their names into the end of the quarter. It can be justified by some of these guys because their numbers are so good they are certain to get more money in.

So it is a form of prebuying. Logical.

We have seen many of the most momentum-oriented players give up half their gains in the last few days, and we don't think these tigers like being wounded (forgive the pun).

For us it means that we are tempted to buy more

Qualcomm

(QCOM) - Get Report

and

JDS Uniphase

(JDSU)

, two higher-quality hotties, but we can't get the stomach up for a giant buy.

Although we did for

TheStreet Recommends

Veritas

(VRTS) - Get Report

as we calculate the

S&P

buying could be huge. We could be wrong, but this one smells like

Yahoo!

(YHOO)

ahead of the addition to the S&P.

We are grateful for our morning old-tech buys and our overseas wireless purchases, but we can't buy any more of them -- we're full-up I am afraid.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo!, JDS Uniphase, Veritas and Qualcomm. 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.