A lot of stock in bad hands, if you ask me. Actually, it would be more correct, and more graphic, to state that there is a lot of stock in bad stomachs. Particularly the secondaries. Vomit alert!

We are glutted right now. Too many secondaries. Too much insider selling. Too many companies anxious to monetize their currencies before they get taken away.

Take the action in

Sycamore

(SCMR)

. This is a good company but you are hopelessly underwater if you bought on the secondary. That leaves a bad taste in your mouth. All over the Street there are Sycamores, stocks where a substantial amount of volume was put on

above

the current price.

When these kinds of failures occur they require you to be very nimble. You can't try to bottom-fish on a stock of a company that has a busted secondary or is engaged in a big merger. These stocks have no snap. Not until all of the stock finally finds a solid home does the stock turn around.

I don't see that happening soon. But as awful as I feel about the potential for projectile vomit from the

TST Recommends

Red Hots

(now

TheStreet.com New Tech 30) with overhang, I can't eat enough old tech. Tastes great, doesn't come back up. That's a win.

Random musings

: This

MicroStrategy

(MSTR) - Get Report

is a real bruiser; it's going to take some people out of the game with it. As nasty as they come. And the juxtaposition between company President Michael Saylor's charitable act Friday and the crash Monday has a real Swedish Match King feel to it.

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.