Cramer's Not Writing the Obituary - TheStreet

Get a load of those prices on the

New York Stock Exchange

. No wonder companies are fleeing from it. The 52-week-low list, something that has been expanding virtually forever, is only getting longer. And now it includes many of the old favorites.

How will this dichotomy between hyper-valued

Nasdaq

and undervalued NYSE stocks play out? I'm sure that for many people, in their heart of hearts, they feel it will play out with a giant fall to the Nasdaq.

Me? I never think that way. Doesn't make me any money. In the mid-1980s, when indexing to the

S&P 500

started catching on, most of the multi-50-billion companies out there were under-10-billions. And people told me it was ridiculous that

Pepsi

(PBG)

could ever be $5 billion or

Merck

(MRK) - Get Report

$20 billion. And I bought them and forgot about them and made a ton of money.

Now the smart money says the same about

Brocade

(BRCD)

and

Akamai

(AKAM) - Get Report

. Maybe I am dumb money. But I know that theorizing and waxing about it doesn't make anyone a dime. We've got a giant shift going out of the S&P and into the Nasdaq and it's of fairly recent vintage. I am not going to write a Nasdaq obituary here, especially when the weapon being used against it -- higher short-term rates -- serves only to hurt much of the S&P 500, not the Nasdaq.

So, people ask, how could it all end? Even if

Greenspan

were to walk into the

QQQ

option pit and buy position limits puts, I don't think it would end.

But that sure would be better than how he is trying to end it now.

Random musings:

I'm spending the next four days with my family and I'm not bringing the dreaded IGOR, my evil personal computer assistant. Peruse the rest of

TheStreet.com

in my absence and enjoy!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Brocade. 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.