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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: luther yow who wrote (15638)	12/29/2000 4:13:24 PM
From: Stocker	Respond to of 24042

Plenty of Cash and No Place to Put It By James J. Cramer 12/29/00 1:49 PM ET We just had our last investment meeting together and I can't tell you it was a bullish one. Matt and Jeff talked about the slowdown in information technology spending and how it continues into the end of December. Not a single area seems to be unscathed. They reiterated that we can't be sanguine about the pace of network spending. Many companies don't have the funds to light the fiber they have already built, let alone build out more fiber. I tried to be bullish, saying that if the Fed eases, we could see a snapback in the group, and reiterated that I expected something to happen before the end of the month. But these guys didn't even care, that's how bad things have gotten in tech. Meanwhile, I felt compelled to talk about how the bull market in the S&P names has now gone on so long that there is too much fluff in the groups I like so much -- the banks, retail, autos, cyclicals -- and that they need to have a pullback before I would plow into them. Three weeks ago I wouldn't have said that. But there is something unnerving about the fact that stocks like Union Pacific (UNP:NYSE - news - boards) have moved up so much on multiple expansion when their earnings are coming down. And stocks like General Mills (GIS:NYSE - news - boards) need a rest before they can make their next big move. Darn it all, I hate not being bullish with all of this cash, but my favorite idea this morning was the two-year note! Too conservative? No, just practical. And opportunistic. Even as an investor I will be opportunistic and caring about entry and exit points. We didn't compound 24% after all fees for 15 years by not carrying about that stuff. It's in my blood.