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Indexing the Red Hots

This weekend, Cramer unveils his new index, a measure of this crazy market's temperament.
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Nothing like starting an index and having the first day you test it be some sort of peak!

This weekend, I am revealing my

Cramer's Red Hot Index

. Eighteen companies in this index.

Totally subjective

, just like the

Dow Jones

averages.

Wouldn't you know it but premier

Red Hot name

Redback

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goes and unlocks a lockup (allowing insiders to sell), cooling off my group analysis. Now, I am thinking, if it is a Red Hot Index, but it is Cramer's, the beauty is that I can take something out when it is cool and put in another Red Hot.

My able associate,

Matt Jacobs

, came up with the 18 number. We were going to do two geographic divisions, but they are all in the West. We include some rookies.

I have teased enough. You will love this index. It will replace all of the ones going right now as a measure of this crazy market's temperament. I can't wait until

CNBC

or

Dow Jones

or

The New York Times

finds a way to crib it and call it their index. That ought to be a hoot for all of us.

Random musings:

Heavy options selling in

Microsoft

(MSFT)

, but it isn't crushing the stock. Could be kind of bullish. Otherwise, this is the ultimate nothing day with many desks staffed lightly. ...

Merrill

was not that bullish on

Hewlett

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; it was

Maria Bartiromo

who was bullish. Who will stand up and stop this stuff?

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