TECH UPDATE

Markets continue to trade near the unchanged levels with outperformance from the gamers, silver, utilities and metals. Worst groups include GOOG, MSFT, biotech, software, trannies, small caps and brokers.

Also, some more news on BMY.

Market internals continue to trade slightly red with the NDX internals a bit better than the SPX or OEX.

Cramer out with another new tech call and this time:

"You want an untold story? How about the underperformance of tech, despite the endless attempts of people to try to flog the story as a major part of the bull market of 2007? In fact, it would be better to be in the homebuilders or the cyclicals; these are the fantastic performers of 2007. Same with the oils. I would take the steels over the semis any day of the week.

Check out the SOX and the Semiconductor HOLDRS (SMH) , the tech bellwethers. They peaked at the beginning of the year and haven't come near taking out their highs. Why is that? I would emphasize that we are right at the seasonal change of heart for tech and you aren't going to get the outperformance you are looking for from this group."

Notice anything different about this call? Yes, of course, no mention of owning GOOG MSFT CSCO and AAPL. Those four have been pretty crummy performers of late so lets just forget I said anything about them.