We used to call days like today "forgiven" days, as if all of the mistakes of the last 10 to 20 companies reporting poor earnings were forgiven by one company saying something great. Today, that company is Microsoft (MSFT) - Get Report.

I love forgiven days because they remind you that stocks don't just go down. This forgiven day comes at the beginning of the real earnings season and that could bode well for more than a couple of sessions.

That said, most mutual funds are still in the wrong stocks. Many of them today will commit new capital to tech, thinking the worst is over. I think the worst is over for personal computer tech stocks, which is why Microsoft is my biggest position. But if I were invested in one of these tech mutual funds, I would be ready tomorrow to start lightening up again.

We probably won't be forgiven again by the middle of next week, and you will wish you had that mutual fund cash around to redeploy in the funds run by better managers, like Bob Olstein at

(OFAFX) - Get Report

Olstein Funds Financial Alert or Richie Freeman at

TST Recommends

(SAGCX) - Get Report

Smith Barney Aggressive Growth.

Random musings:

I am on vacation, but I have made a few small moves in my portolio, so Action Alert PLUS subscribers should check their email inboxes!

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. At the time of publication, Cramer was long Microsoft. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to

jjcletters@thestreet.com.