Cramer's

not the only one who can have an index. So can I. But unlike his, which revolves around today's hottest trends, mine focuses on stocks from yesteryear that had no biz rising then and certainly, unless proven otherwise, have no biz rising now.

I'm gonna call it Greenberg's

Garbage Index. This is one step removed from Cramer's

Red Hots or

B2B because unlike his, which include many stocks that didn't exist two years ago -- a few of which really might have some kind of a future -- mine is filled with stocks that have, how shall we say, "histories." They have histories of hype, histories of hope and histories of horrible disappointment. These are companies that have little in the way of institutional following or investors, and have made little or no money.

And here they are rising

again

, as if they've been discovered for the first time.

Join the discussion on

Herb's Latest or tell us what you think on

Greenberg's Garbage Index

.

If I were an adviser, hedge fund manager or trader, I'd be saying that just as Cramer's B2B is an index that could be bought

as

an index, rather than as individual stocks, the Greenberg Garbage Index is an index that could be shorted. Because as sure as I can tell you that I won't be living on the East Coast for the rest of my life -- stuffed like a tomato for another day on

New Jersey Transit

-- most of these stocks are likely to disappear from radar. Until the

next

round of hype hits.

We're talking about stocks like one of the great promotes of all time,

Presstek

(PRST)

, whose digital copier machines were going to (or so said its promoters) take over the world. Its stock got as high as 100 before falling to as low as 5. Look what has risen from the dead!

And remember

Valence Technology

(VLNC)

? For years it supposedly was going to come up with a hot new battery technology. I pounded on Valence day after day, back when it was based in the Bay Area and I was with the

San Francisco Chronicle

. (I hit it so much, I guess, that the company moved to that hot technology haven of Henderson, Nev.) This time, I am told, some very smart people believe the company really does have something that will be a big-time success. I say treat it like you'd treat a supposedly hot drug in Phase 3 clinical trials. Too many of those turn out to be disasters.

Then there's:

Corel

(CORL)

, known best for its WordPerfect software; now, presto, it's a Linux company.

Myriad Genetics

(MYGN) - Get Report

is a biotech company where hope seems to be constantly springing eternal.

Howtek

(HOWT)

, a digital scanner company. See Presstek.

Organogenesis

(ORG) - Get Report

, which beat the bears not long ago when it got FDA approval for its synthetic skin, used as a burn treatment. However, it's still losing gobs of money, and demand hasn't been anywhere near expectation.

Zi Corp.

(ZICA)

, which has developed Chinese language character input for cell phones.

AOL

(AOL)

just did a deal with one of its competitors. Used to be known as Multi-Corp. "Used to be known" is the part of

any

company story that should worry potential investors.

Diversinet Corp.

(DVNT)

is a developer of information-security products, technologies and services. Its so-called digital certificates have revived the former Instant Publisher.

Source Media

(SRCM)

, a provider of video-on-demand. Same story, third time around.

Finally,

CopyTele

(COPY)

, which bills itself as a development-stage enterprise whose principal activity is developing, producing and marketing a telephone-based product utilizing its own patented E-Paper technology copy. It's also one of the longest-running jokes among short-sellers. It

hasn't

yet risen in the latest cycle, but I included it because if it does, you know some kind of top is near. I leave it to

Gary B. Smith

to explain which one.

And before you spam me for including one of your favorites on Greenberg's Garbage Index -- or because I missed some -- remember, that's why it's an index. Who knows? One day one of these companies really may make big money and get some legitimate respect. Betting on just one, however, could be the quickest way to lose a life's savings.

Meanwhile, if you care to carry on a dialogue about the index -- especially you Corellians, as

CNBC's

David Faber

calls them -- each stock in the Garbage Index, including Corel, has its own message board. (Ripping off Cramer and proud of it.)

Herb Greenberg writes daily for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, though he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He welcomes your feedback at

herb@thestreet.com. Greenberg also writes a monthly column for Fortune.

Mark Martinez assisted with the reporting of this column.