Enough is enough. Jeff and I have been wracking our brains to figure out what kind of nontech names to buy here. (See

random musings

below why nontech.)

So we are building the

General Electrics

(GE) - Get Report

and the

Tycos

(TYC)

, the solid nontech names.

We are buying the drugs and the staples (non-

Gillette

(G) - Get Report

) that bounce back first. We want some Net now that

Microsoft

(MSFT) - Get Report

played its access hand and it is positive.

And we are scooping up some

Red Hots because they always have traction on the last week of the quarter.

Why the bullishness? You step away from the machine for a couple of days and you have to like what you see. The

VIX

is over 30. The

S&P

short-range oscillator is way out of control on the oversold meter. Fridays tend to be short-cover rallies, and we think we will get a dandy one.

Good to be back in the

U.S.A.

.

Random musings

: So the darned earthquake mattered. So much tech comes from Taiwan that the world's computer output will not meet with demand. Talk about an event with consequences that reach everybody's tech portfolio. A shortage of parts, if nasty, for everybody from

Intel

(INTC) - Get Report

to

Dell

(DELL) - Get Report

. I know it delays the good news I was expecting from Intel to so far away that people might not want to play it.

But things like this do happen. This is business, which, as precision-oriented as we like to think it is, cannot control

Mother Nature

. I wanted to be sanguine about the effect of this quake. But something happened earlier in the week that told me you can't be. I tried to buy some

Apple

(AAPL) - Get Report

earlier in the week, thinking that as long as demand wasn't a problem, the stock would bounce right back. It might, but not before I could drop a quick 4 points on the trade. If the market can't look through supply problems and see the demand for Apple, that tells me it won't do it for any other stock either, as Apple is pretty well loved these days.

So, as Jeff and I communicated back and forth in the past 24 hours, we have adopted strict wide scales in buying tech. Our positions are lean to begin with, but if it weren't for this earthquake, we would probably be buying more aggressively.

With just a handful of days left in the quarter, we think attention next week will shift from buying hardware to buying the Red Hots. These stocks are what made you money in this now-not-so-hot quarter. It is there that fund managers will go to show you that they paid attention and did not fall asleep at the

Compaq

(CPQ)

wheel.

I know it is revolting to have to buy the most expensive goods in a market that has suddenly gotten cheaper. But since when has valuation played a role in this market? Maybe in 1988? Beats me, I am no historian. I am a stock trader/opportunist.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long VeriSign, Microsoft, Intel, Redback Networks, Uniphase, General Electric, Tyco and Conexant. 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.