Call me a skeptic, but I don't trust these last days of a quarter. This one is no different. Too many cross-currents, too many mutual funds trying to get in winners and get out of losers.

In the old days, I used to like to scoop up the losers. But I don't think you can do that anymore because the losers are almost all small-capitalization roach motels. They look so fetching, but when you get in, it is quite cramped and your


are quite frantically going nowhere. And unlike the Ralph Meeker character in

Paths of Glory

, you don't have the edge on them.

Let's talk small-cap for a second. Last year I had mucho performance taken away by these kinds of companies. They all had three things in common: They were cheap on price-to-book, they were cheap on earnings, and they were owned by mutual and hedge funds that were under heavy liquidation.

Nothing has changed this year except they are cheaper on a price-to-book, cheaper on earnings and under even heavier liquidation.

And they are for sale. Big-time. All day.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund had no positions in the stocks mentioned, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at