Could these Red Hots get any hotter and still be contained by your screen? Do you have to buy these with asbestos gloves on? They remind me of that bubbling mass that the old T1000 jumps into at the end of Terminator II. Bubble, bubble, no toil, no trouble.

What is even more amazing is these stocks are chewing through a lot of supply. One of the constant myths that we had to live through during this dazzling period of capitalism is that once the real slugs of stock come out, the secondaries, the insiders, whatever, these stocks would roll over big time. Many of the Red Hots have their share of secondaries and shelves and filings, including some that got early approval to break lock-ups. But in true Red Hot bull-market style, supply has begotten demand!! In true bull markets, you find that as liquidity builds, buyers who could not get in otherwise are getting involved.

Now let's face it. These are the stocks that are so overpriced that if the

Fed

is watching, it would tighten in a heartbeat. But in the interim, you have to be impressed with these guys. I'm donning my heat shield, putting the air conditioning on super high, moving my trading desk into a Thermo King trailer and, of course,

holding my nose

as I stay long a few of these blistering hot potatoes.

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