Don't look now, but while the Peoples' Exchange is partying, the

New York Stock Exchange

is collapsing -- and the bonds are turning into a ghost town.

The latter two make all of the sense in the world, as they prey on each other. The institutions trade on New York and they are still bound by things such as

Modern Portfolio Theory

and

Dividend Discount Models

and other arcane bits of Wall Street memorabilia.

Nasdaq

, however, is total scrum and if you split your stock or got a favorable article over the weekend, you are still zooming.

Cramer's Latest: Join the discussion on

TSC

message boards.

Message Board Index

.

I, personally, think we can't trade like this. We can't have some

Tale of Two Cities

thing going forever. Internally, even

Matt "Don't call me Bonds" Jacobs

is a little freaked out by the have/have not markets.

Don't smell too good.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of the original 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.