The relentless runs in Caterpillar (CAT - commentary - Trade Now), Deere (DE - commentary - Trade Now) and Joy Global (JOYG - commentary - Trade Now) and Bucyrus International (BUCY - commentary - Trade Now) remind me of the late 1980s and early 1990s, when mutual funds like Fidelity would decide to go all in because they were underweighted in a group. Their buying would be endless -- so endless that you couldn't find supply to sate them.
Then, after the main funds, the multi-billion-dollar funds, were finished, and you thought that, at last, they were filled, the little follow-on funds would come in and take the stocks up some more.
At each level, you figured they had to stop buying sometime. How much would they pay? I mean, these are just cyclical stocks for heaven's sake!
The answer was always the same: much more than anyone ever thought.
P.S. Will you be there when Cramer makes his next move?
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Jim Cramer Blog Citi Needs Room to Breathe 9/17/2009 3:44 PM EDT Without some insight into what the government's going to do, we have a 'beats me' situation.
Jim Cramer Blog Don't Forget the Nat Gas Angle in APC 9/17/2009 12:59 PM EDT The big splash yesterday in oil is nice, but the turn in natural gas is really driving here.
Jim Cramer Blog I'm Done Buying 9/17/2009 2:35 PM EDT This market is just too darn high for me -- I'll circle back after a bit of a dip.
At the time of publication, Cramer had no positions in stocks mentioned.
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. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC.
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