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Technology Stocks : TheStreet.com, Inc. (TSCM)
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To: Jack Hartmann who wrote (1635)8/11/2004 8:03:30 PM
From: Jack Hartmann  Read Replies (1) of 1822
 
Update on Cramer BERQY bet

YHOO 32.70 ----->27.42
EBAY 90.59 ----->76.38
BRCM 45.82 ----->29.21
QCOM 72.05 ----->68.52
RIMM 71.47 ----->54.87

Aggressive Sellers May Have Finished

By James J. Cramer
RealMoney.com Columnist
7/22/2004 3:48 PM EDT

BERQY's in control today. You can bet that everyone is watching the action in Qualcomm (QCOM:Nasdaq - commentary - research) and eBay (EBAY:Nasdaq - commentary - research) and saying, "Whoever was doing that aggressive selling has finished." Are they right?

Look, these stocks are tells. They are the ones that a lot of hedge fund traders key off of. When eBay turned around, that made a lot of people go cover their shorts. We have seen this pattern before. I like it more than the short-cover rally on Tuesday, though, because the sellers really seem to have disappeared and they have had a lot of time this afternoon to get out. And they haven't. (It helps, of course, that we held the May low in the Nazz.)

Now, here's a plain statement: If you think that eBay's good, I do like Yahoo! (YHOO:Nasdaq - commentary - research) better. Yahoo! Japan reported a great number. Yahoo! isn't as expensive as eBay ex-Japan. There, I said it.

But then again, I own it. Take it for what it's worth.
thestreet.com
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