Guys relish this!
Sep 15, 1999
Congregation Swells for Semiconductors
By James J. Cramer
How many portfolio managers can you fit into the semiconductor stocks? After today, I would have to say all of them.
We only have a couple of weeks left until the end of the quarter. The action in the semis on a down-120 Dow points day shows me that between now and the end of the quarter you are increasingly unlikely to see any sort of selloff in these names.
In fact, if mutual fund history is any guide, every short-term decline in this group for the next two weeks will have to be bought.
I know I sorely miss my Micron (NYSE:MU - news) . We sold it up four. Thought we had a good one going. Now it is up another five. We are down to tag-ends in our Texas Instruments (NYSE:TXN - news) . I want to rebuild that one. And what the heck, where did all of our Analog Devices (NYSE:ADI - news) and LSI (NYSE:LSI - news) go?
In the odd world that is institutional investing, if you don't own some of these stocks at the end of the quarter, you are going to have to answer some tough questions. Whenever a group so outperforms its peers, whether it be biotech, or the Net, or oil service, you will have individuals, including trustees asking why you had nothing in a group that seemed so obvious to everyone, including themselves.
That's why, when I was out of pocket after the close, I was gratified to hear that some people weren't too keen on Oracle's (Nasdaq:ORCL - news) numbers. My first reaction to Jeff Berkowitz, when he filled me in, was "Oh boy, another chance to scoop up some chips."
Wall Street isn't like Hollywood or baseball. You can't overexpose yourself. You can start every game with the semis.
Hey, maybe the Consumer Price Index will disappoint and I can get my Micron back! What a group!! |
