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, Action Alerts PLUS , should cause a perception among the hedge funds that the stock will go up whether it is good or bad, which will get the shorts to switch directions, Cramer said, adding that Google ( GOOG) is also running off of Yahoo!.

Regarding Sun Microsystems ( SUNW), another company that's going up despite its recent report, besides some margin expansion there is nothing really great going on at the company, he said.

Cramer said AT&T ( T) is one of the most interesting stories coming out of the tech period. He said that from its call, it was clear to him that the company could use Apple's ( AAPL) iPhone to get customers from Verizon Wireless ( VZ) by giving away its service for a year and a half to those customers who buy the phone.

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.
As originally published, this story contained an error. Please see Corrections and Clarifications.

At the time of publication, Cramer was long Yahoo! and Union Pacific.

Jim 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. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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