Sayonara Abercrombie (ANF) - Get Report!

What the heck happened here? Oh my, these guys blow up in style! This may be the greatest fiasco since

Merry-Go-Round

. Management's credibility is nil.

Too bad, I like its clothing.

This morning, the Street is collectively downgrading this highflying merchant, taking it apart for everything from gift-certificate booking to a failure to signal a slowdown in comp sales.

Talk about a stock that telegraphed the problems. I recall

battling Abercrombie & Fitch from the long side on this site a few months ago. I couldn't understand what was happening. It reported great numbers. It reported a bold comp outlook. It was all systems go. And all the stock did was go down.

The stock was signaling right. The management and most of the analysts were wrong.

It's enough to turn me into a technician.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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

jjcletters@thestreet.com.