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[Ulisses Pereira]

"Brighter Tech May Drive This Market Up"

By Jim Cramer
RealMoney.com Columnist
1/14/2008 9:05 AM EST

"People have shifted aggressively out of tech. Maybe too aggressively. We have had far more good news than bad news in tech.


Think about it; how many preannouncements can you recall to the downside for tech? Three weeks ago we got a terrific number from Research In Motion (RIMM - commentary - Cramer's Take - Rating). Last week we got a great number from NCR (NCR - commentary - Cramer's Take - Rating). And today we jet IBM (IBM - commentary - Cramer's Take - Rating).

I know it. I get calls every day about hurting tech on "Mad Money." I just reiterate buy and reiterate buy, and I have felt like a dope but I just don't understand the valuations. (These are not like retailers, where the multiples must shrink given the drastic decline in sales).

But the group has fallen under its own weight, including Microsoft (MSFT - commentary - Cramer's Take - Rating) which everyone knows is having a strong quarter, Apple (AAPL - commentary - Cramer's Take - Rating), which has tremendous momentum, and Hewlett-Packard (HPQ - commentary - Cramer's Take - Rating), which has already said it's having a great quarter despite some negative chatter away from it about notebooks.

Today, of course, will be different and the upside could be "aggravated" by the out-of-the-money calls that have been sold and sold aggressively. I suspect that all of these stocks will be trading up, particularly EMC (EMC - commentary - Cramer's Take - Rating), which has been in its own personal bear market, and Apple, which has Macworld. (ADC (ADCT - commentary - Cramer's Take - Rating) looks cheap, too. So does ValueClick (VCLK - commentary - Cramer's Take - Rating) if they can get that darned FTC investigation behind them, as RBC Capital says they can soon. And there has been no degradation at Cisco (CSCO - commentary - Cramer's Take - Rating) that I know of, except with the stock!) Obviously, Harman (HAR - commentary - Cramer's Take - Rating) says GPS is weak and that can continue to pull down Garmin (GRMN - commentary - Cramer's Take - Rating), but we have'nt liked that since Christmas!

We are oversold, things are as negative as they can be -- Doug Kass has made a big bet against that negativity in his posts on RealMoney Silver -- and we have lots of positive tech news. This area, plus ag, could be a driver.

Let's see if the gloom can lift for a couple of days! "

(in www.realmoney.com)