Sometimes we pass on trades because they're too hard. Take

Kana

(KANA)

, a company I like very much, because its automated email response system is superb. Kana reports tonight. We think Kana is going to report a great number.

But the stock is up 31 in advance of that report. Up here I don't know whether to be long or short Kana, so I do nothing.

Cramer's Latest: Join the discussion on

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message boards

KANA

Long? Great quarters tend to pop stocks.

Short? Don't you think a secondary is likely after a run-up like this? Insider selling of some sort?

I can never figure out why people wouldn't take profits ahead of a quarter when you have a run like this. But maybe it's the

Qualcomm

(QCOM) - Get Report

issue, meaning that it's the belief that if you have a stock that could go up 1000% in a year, what's a measly 30 points?

That's why

Matt "Spot-Me-50-Points" Jacobs

covers Kana for us.

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.