Cramer: A Vulnerable Citadel

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Perhaps we will look back at this era and say, "We used to think the VIX was so important, but it ceased to matter. The volatility index was a precursor to a sell, not a buy." My prized oscillator has stayed negative well beyond what I thought possible. Bull and bear has shown a plethora of bears forever. Didn't matter.

That's because, in the end, equities can be converted quickly into cash, especially S&P 500 names, and cash is so king that you would sacrifice any amount of points and performance to raise it.

All weekend I worked like a banshee to find out how "in trouble" major accounts were. We heard from Citadel last Friday that they are actually doing well, that they have cash -- they have debt too, but I guess that doesn't matter to a hedge fund -- and that people want very much to invest in them despite their being down 35%. ...