"The worldwide consumer is not slowing his or her buying of tech" Jim Cramer said on TheStreet.com TV's Wall Street Confidential
Web video Tuesday.
In the tech sector, some of the companies are being brought down by a false hypothesis, which is that "the slowing in the economy will directly affect their earnings," Cramer said. "That has not been the case," except for
"because IBM identified its end-client basis."
"Tech is typically product-cycle driven, and the product cycle remains the
-led product cycle, meaning that Google has become so important that people want to have fast taking of Google, fast downloading of Google, fast downloading of YouTube," he said.
That, in addition to
new Vista operating system, "is making it so that your back-to-school and your Christmas season will be very bountiful," Cramer said.
If market players go over the
quarter, they'll see that what the bears were saying about there being a lot of double ordering was "totally wrong," he said. Now the bears have changed their story, which Cramer said angers him because he believes people should own up to the mistakes they make.
"When I make a mistake ... I say I made that mistake," he said. The bears saying that "tech is levered to the consumer, who is strapped and therefore all of the orders are bogus" is a mistake.
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