Boy, does this market hate the portals. They are so out of favor that they languish day after day after day. Heck, I think
-- which is not a portal -- is getting hurt because it has portal in its name.
It all started with
, which is causing people each day to lose conviction in AOL as a business. Oh, you can say that's not true, but the one thing we know about this era is that stocks are a statement of confidence in the business plan and the execution.
It has infected
, which, even though it is doing quite well, can't get out of its own way.
anyone? That's a hideous billion-dollar loser for
. (Today Go felt a little like
And could this
be any uglier? (Yes.) It sliced right through the technical levels of support despite dangling its
offering -- a
portal? -- in front of all. Don't forget the carnage in all of the other Go derivatives, like
We haven't lost heart in these names. We still own Lycos and Yahoo! and AOL. We think the problems won't go away until AOL makes it clear that this strategy will allow it to grow faster than it would alone. And that is still not clear yet.
Because it isn't, we didn't add into the weakness today. In fact we discussed throwing the maiden into the volcano, which means throwing some of the positions away to please the gods of trading.
Maybe the fact that we didn't throw the maiden away bodes poorly for tomorrow. I know that a symbolic throw-in doesn't cut it.
Look out volcano, we may have to pay you a visit tomorrow.
: Don't forget to tune into my chat at 5 tonight on America Online. No questions turned back, except, of course, about extremely small-cap stocks that have no place in the chat!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Portal Software, Lycos, Yahoo! and America Online. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may 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