This column was originally published on RealMoney on Jan. 23 at 12:31 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Can you believe the number

AK Steel's

(AKS) - Get Report

doing on the bears? Don't the people at AK read the papers? Things are supposed to be

bad

for the company, not good. What right do they have to talk things up?!?

It's not just AK. There's a vast conspiracy in steel to rally in the face what has to be a horrible outlook, doesn't it?

Of course, what's really going on here is something that went on with the homebuilders: the 6-7 multiple syndrome. When you get down to that level of valuation, you simply can't be shorted. It gets too hard. A good piece of news sets these stocks on a tear. A bad piece of news and the stocks do nothing. (Homebuilders rally on bad news, courtesy of the

Fed

reading the tape!)

AK Steel is dirt-cheap. So is

U.S. Steel

(X) - Get Report

. I talked

last night on "Mad Money" about the notion of thesis reporting. You actually believe

the boilerplate in

The Wall Street Journal

, so you short

Capital One

(COF) - Get Report

. You believe in the steel glut so you short a basket of steels.

But what's left out is the valuations. This stuff reflects disaster. If you don't get disaster, then it's "to the moon, Alice."

Alice is going to the moon.

At the time of publication, Cramer was long Capital One.

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

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