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Saved by ... Microsoft ( MSFT)? 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) report with Verizon ( VZ) 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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."

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