Another Topsy-Turvy Session

Cramer documents some of the strange twists he's seeing today.
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Nothing kills you like homework.

Yesterday, feeling cyclical, I couldn't resist making calls on two beaten-down war horses,

Hercules

(HPC)

and

Crown Cork

(CCK) - Get Report

.

Why those two? Look, I am a Philadelphian, and these two stocks are in my hometown paper every week as being two of the lowliest, most misfortunate, if not mismanaged, companies on the firmament. I keep thinking something right has to happen to these guys.

So, what happens when I make my calls? First, I discover that all the earnings estimates are too high. Second, I find out that, in both cases, business has been weak of late. Third, none of the analysts thinks there is a near-term catalyst.

Talk about a buy signal! Hoo-hah!

Both stocks are up 10%.

What can I do? As much as I love playing hunches and can value the undervalued, I can't switch gears to the point where I don't care about near-term fundamentals. I've gotta get some real rose-colored glasses.

But there is irony here, too.

Tellabs

(TLAB)

reported a huge upside surprise, one trumped only by

Corning

(GLW) - Get Report

. And those stocks are getting crushed.

My eldest would call it "frontsie-backsie day." Thank heavens it only lasts one day at school. How much longer can it last here?

Random musings:

How does this chapter of

Exodus

(EXDS)

end? I hope it's not like

Genesis

.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Exodus Communications, although positions 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

letters@thestreet.com.