We had the radar gun out during the first half-hour of trading.
, the newest edition to the research department here at
traveling at 19 points per hour! Wow, that's a speed merchant.
That edges out
, which clicked at 18 3/4 points per hour. And it left
in the dust at 16 7/8 points per hour. Pulling up the rear was
, last week's rapid riser, at 13 points per hour.
Yep, we have to find some way to measure these Red Hots, so we have seized upon the radar-gun approach. This points-per-hour measure of velocity has beta beat, and it certainly trumps price-to-earnings and price-to-sales ratios. Those seem quaint by comparison.
I am thinking of asking Editor-in-Chief
to keep a radar gun at
to clock these Red Hots. At last, a rational way to measure market irrationality!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Redback Networks. 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