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To: bargainman who wrote (10586)	6/21/1999 8:37:00 PM
From: Jenne	Respond to of 19700

Smells Like Animal Spirit By James J. Cramer 6/21/99 4:37 PM ET If it had a pulse and it was on the Nasdaq it was up today. Especially in the DOT. You can imagine how much it must drive the bears crazy that the DOT and its brethren came back today. You could tell that many of the journalists who have not moved over to the Internet revolution were positively gleeful these last few weeks as the dot-coms rolled over. Their smirks and obituaries, hourly at times, look pretty stupid right now. The incredibly strong moves, however, belong to the grouping of old tech. It doesn't take much to move a lot of the smaller dot-com names, but it takes a huge amount of institutional firepower to get Cisco (CSCO:Nasdaq) up three or 'Soft (MSFT:Nasdaq) up four. These are mammoth moves, the kinds of moves that have animal-spirits in them. All day I saw institutions taking giant offerings in the big NDX names. It looks like everybody who wanted to sell has sold, with very little supply left over for those coming in now. This is one more reason why I pushed so hard to tell people that once we were past the Big Bad Event, you had to commit. But those who got in this morning didn't fair so badly either. Ultimately, today speaks to the increased irrelevance of the Dow Jones Average. Tomorrow when we see the Investor's Business Daily Mutual Fund index you will notice the huge gain. These days these funds are more in sync with the DOT than the Dow! And why not?