Cramer on BloggingStocks: Tech's unjustified super bull market run

If you take a look through the chart books, as I do every weekend, you would be astonished to see the rally in the software stocks, and not just in the potential targets, but in companies like Oracle (NASDAQ: ORCL) (Cramer's Take) and Microsoft, too.

Autodesk (NASDAQ: ADSK) (Cramer's Take) and Adobe (NASDAQ: ADBE) (Cramer's Take) act great. Salesforce.com (NYSE: CRM) (Cramer's Take) seems to be breaking out of its doldrums. Even old dogs like BMC Software (NYSE: BMC) (Cramer's Take) are having their day in the sun.

What's happening? I think that with $24 billion in acquisitions already in the second quarter of this year, we are beginning something that's been predicted for 10 years -- an actual consolidation in an industry that has shown little to no rationalization in a decade.

We know the companies have war chests. Cisco has raised a lot of money, NetApp (NASDAQ: NTAP) (Cramer's Take) has raised money. EMC (NYSE: EMC) (Cramer's Take) has raised money. The last two are in a bidding war for Data Domain (NASDAQ: DDUP) (Cramer's Take) that seems to be incapable of producing a loser, as all of the stocks involved have been in the move.

I have not hesitated to criticize those who say this rally has produced "too much too soon." But when it comes to this group, I have to tell you that unless we do see another takeover besides Data Domain, I think many of these stocks have become too expensive without takeovers and a more robust economy.

These aren't just in bull market mode. They are in super bull market mode, without the fundamentals to justify them.

Time to ring the register. It's been a fabulous run. Past here and it is all greed.

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Cisco.