Own NYSE for Euronext

Memo to all who hector me daily on NYSE Euronext (NYX - commentary - Cramer's Take): Sell it here. Short it. Just get out of my face about it because I believe that the Euronext deal is reason enough in itself to own the stock and that you don't even need NYSE with its endless market share loss.

There is simply no faith in this stock. People perceive equities as a dying business and believe that futures and options are the only businesses with margins. They think that the NYSE and Nasdaq are locked in a death spiral and that there are no winners. They believe that the fact that the stock "acts poorly" is damning evidence in itself.

Let's take each of these head-on.

First, I agree with the critics about everything, lock, stock and barrel. The stock acts horribly, about as bad as Alcan (AL - commentary - Cramer's Take), Bausch & Lomb (BOL - commentary - Cramer's Take) and Ingersoll Rand (IR - commentary - Cramer's Take) when I sold them from Action Alerts PLUS. Of course, each jumped between 100% and 50% when I acted on the "bad action."

The Nasdaq and NYSE are killing each other. The market share data are horrible. On NYSE Euronext's earnings, the thing seems overvalued. And the short squeeze that propelled the whole thing is long over.

So why do I own it?

Euronext. Euronext has the options and the futures on the greatest growth market in the world: Europe. That's where the global action is. Plus, the synergies with NYSE -- wholesale firings coming -- are monstrously large. The integration will be huge.

That's why I own it.

All last week and the week before that, I heard that I've lost my mind or was digging in my heels on a loser -- again, that's what I've heard about stocks that are about to take off.

I hate these debates. They are theoretical. The great thing about the market is that if you disagree with me and own the stock, you can sell it. If you disagree and don't own the stock, you can short it.

I can't be more blunt.

Can I?

Random musings: Remember that every deal Goldman Sachs (GS - commentary - Cramer's Take) does is additive to earnings. Alltel (AT - commentary - Cramer's Take)? Bump Goldman's numbers!

At the time of publication, Cramer was long NYSE Euronext and Goldman Sachs

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Jim Cramer is a director and co-founder 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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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