Recent action suggests we might be seeing a respite in the tech selling spurt, Jim Cramer said on TheStreet.com TV's Wall St. Confidential video Wednesday.But don't get your hopes up. "We're in a glass-half-full mode in tech because the shorts pressed their bets so greatly off of expiration last week," Cramer said. "We were confounded by the work off of the options hangover which then positioned tech to be too low and ready for a trade -- just a trade, but a trade is worth grabbing." Actually, it's "very telling" that Yahoo! ( YHOO), in particular, is up because when listening through the Internet company's conference call people will realize that the company really doesn't have a clue of what it's doing, he told Aaron Task, the host of Wall St. Confidential. The move by Yahoo!, which Cramer owns for his charitable trust,
Moving on to the railroads, he said it's a "false tell" that Norfolk Southern ( NSC) is down because the company has "periodically screwed up on earnings and then ramped." Cramer said he's been buying Union Pacific ( UNP) for his charitable trust and believes the stock should hit $110 to $115. Union Pacific was recently trading at $97. "The secular story for rails, which is all about the infrastructure crumble for trucks, is just too great," he sad. "The long-term trend in rails is superior to almost any other trend I've got." Concerning housing, Cramer told Task that he considers Centex ( CTX) "a bunch of idiots" because it got way too bullish at the top, as did Lennar ( LEN), Toll Brothers ( TOL), DR Horton ( DHI) and Pulte ( PHM). "None of these companies distinguished themselves as good businessmen," he said. "None of them turned out to be cautious." However, Cramer said what he likes about the homebuilders is that they're still not making more homes. He believes it's better to be long inventory of land than it is to be long inventory of homes because while the home inventory is being worked off, the land is selling much more profusely than he thought.