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Saved by ...

Microsoft

(MSFT) - Get Report

? Could be. With the

Nasdaq

down 8% coming into today's session, it still may be enough to keep the rally alive. I say "still might be enough" because it was widely telegraphed. Still, the $3 special dividend is a newsmaker and it calls people's attention to the idea that someone's making money in this market.

Three pieces of news today: July is OK from

CDW

(CDWC)

, the

Corning

(GLW) - Get Report

report with

Verizon

(VZ) - Get Report

and

SBC

(SBC)

ordering fiber and the Microsoft gift have the attention, at last, on something other than terror and politics. Lotta pins come down from that roll!

All three are tangible. All three are new.

But it's funny; when I think about what really turned things around today, I keep coming back to

EMC

(EMC)

. At last, a quarter that wasn't up to expectations -- the whisper -- with guidance that wasn't up to expectations and the stock

not only didn't go down ...

it went higher!

Nice for a change. Even if it doesn't last.

At the time of publication, Cramer was long EMC.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.

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