Stubborn Secondaries May Send Us Yet Lower

Can supply actually ruin a market? I think it's possible if there is no price at which the supply won't get done. Excuse the double negative, but typically after a couple of days of tremendous pressure, companies in the queue to sell equity back down or wait for higher prices.

But from the action in Bank of America (BAC - commentary - Cramer's Take) and the need, obviously, to raise capital in excess of the Chinese bank sale, we have another deal coming. Same with Huntington (HBAN - commentary - Cramer's Take) and Fifth Third (FITB - commentary - Cramer's Take). In fact, I am surprised they aren't down even more.

None of these companies seems like they can get out of doing deals. Of course, it isn't just the banks. The Ford (F - commentary - Cramer's Take) deal smacks of something that just had to get done.

So now my touchstone deals like the U.S. Steel (X - commentary - Cramer's Take) deal that made you so much money or the Wells (WFC - commentary - Cramer's Take) deal, which I remain riveted by, are looking soft because the hot money is expecting more equity-sacrificing deals and will most likely get them.

The one that galls me the most is Nordic American Tanker (NAT - commentary - Cramer's Take). Why be so opportunistic as to have to bang the shareholders in the midst of this equity issuance moment? The time is just not right, and NAT could have pulled back.

But the attitude is so damned-the-torpedoes-full-deal-ahead that it makes me worried we are only in the middle of the moment as both opportunistic and forced sellers compete to take the market down with their secondaries.

At the time of publication, Cramer was long Wells Fargo.

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