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Technology Stocks : CMGI What is the latest news on this stock?
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To: James Thompson who wrote (9371)6/7/1999 2:54:00 PM
From: Jenne   of 19700
 
The Big Funds Are Back in TSEL
By James J. Cramer

6/7/99 2:42 PM ET


Here's one of those comebacks for The Stocks Everyone Loves. You know TSEL, that the group of stocks that powers most of the mutual funds. Everybody loves them because they deliver continuous earnings gains and because, when the bond market is stable, the funds that own these stocks have no qualms paying any amount for them.

I tend to hate it when TSEL rallies. It is so hard to beat the Janus' of the world -- yes I think about beating them, I am a competitive individual -- and these big funds never tip their hands when they decide to turn on the spigot.

But they are back today, taking up Cisco (CSCO:Nasdaq), Amazon (AMZN:Nasdaq), Microsoft (MSFT:Nasdaq), Dell (DELL:Nasdaq) and EMC (EMC:NYSE). These stocks must feel like warm old shoes to mutual fund folks, especially now that they are a few points off their highs.

How do I know that institutions are buying them? Brokers don't give up their clients but when you hear "size to buy" Cisco for the four-millionth time you have to believe that's not an order from Schwab (SCH:NYSE).

TSEL buyers come out of the woodwork after a Big Bad Event . The mutual funds have never lost their faith in TSEL. They just periodically walk away from them, making TSEL look like death in the process.

For me, I stick with what I can live with: telco tech and some PC-related stocks. Hey, I gotta make money when TSEL goes up, too. I can't sideline myself. Too much money to be made scalping TSEL.

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