On Thursday's "Mad Money," Jim Cramer said that while mutual funds have been snapping up tech stocks in anticipation of the end of the first quarter, hedge funds have been shorting the group. But now, as hedge funds are being forced to jump on board the tech-buying wagon, they're fueling the rally.

Cramer says that because tech companies cut inventories so much, they're now working hard to meet current demand, and the outlook's good. Tech also benefits from a weaker dollar.

His favorite tech name is Qualcomm ( QCOM), which he owns for his Action Alerts PLUS charitable trust. His list also includes Corning ( GLW), Apple ( AAPL), Nvidia ( NVDA), Google ( GOOG) and Yahoo! ( YHOO).

On Friday, Qualcomm closed down 60 cents, or 1.5%, at $38.94. Corning was down 67 cents, or 4.7%, at $13.56; Apple was down $3.02, or 2.8%, at $106.85; Nvidia closed down 10 cents, or 1%, at $10.46; Google closed down $5.59, or 1.6%, $347.70; and Yahoo! closed down 17 cents, or 1.3%, at $13.18.

Cramer said that the buy-and-hold strategy loses investors money. He prefers a "buy and homework" approach, which involves buying stocks and then watching them closely. It's what he's done with Johnson & Johnson ( JNJ), a longtime favorite that he owns for his charitable trust. But even with that stock, he's not afraid to sell when he needs to.

Right now, though, with Johnson & Johnson down about $20 from its 52-week high of $72.76, it's time to buy. Cramer said the company should benefit from a weak dollar. He also likes its balance sheet, its management, and its recent acquisitions. It has the added bonus of a 3.5% dividend, with a long history of dividend increases.

So even though two of its drugs are going to lose patent protection, Cramer said J&J is a buy.

On Friday, Johnson & Johnson closed down 7 cents at $52.83.
At the time of publication, Cramer was long Qualcomm and Johnson & Johnson.

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. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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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