The trader looks at the big Net play as a gauge for the entire sector.
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This whole Net selloff started with



, so I use Yahoo! to gauge when the selloff might conclude.

The Net is beginning to exhibit noticeable patterns, by the way, and one of them is that it declines after Yahoo! reports its quarter. Looks like that pattern, now good for four quarters, proved a winner.

Sometimes with selling it's a velocity issue. The velocity of the decline of Yahoo! has, well, declined (you know I hate putting that darn explanation point after Yahoo! because my spellcheck always capitalizes the next darned word!), which can be considered a positive. That's a prerequisite to a rally. I would love to be more bullish, but the bankers have created so many .coms now -- including a bunch that Yahoo! is buying -- that I can't be sure. Does act better, though.

And, amazingly, some things are still working.



CEO will be on


"Squawk" tomorrow, it was just announced, and the stock immediately jumped 4 points.

Thin gruel, my wife would say. But sometimes that's all you get to eat.

James J. Cramer is manager of a hedge fund and co-founder of At the time of publication the fund was long Inktomi and Yahoo!, though positions can 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 by sending an email to