Another day where chaos reigns. It looks like someone has been caught short a lot of bank index (


) calls, or is covering a BKX short, so the banks are running. Nothing fundamental, just a short gone awry.

I see big buyers of the foods and the drugs but the group trades spotty. The papers and the chemicals acted badly; now they act well.

What does all of this random action say? Once again, the markets are too thin. Anybody doing anything of size is moving the markets way too easily.

The liquidity is still absent. Only


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trade with any giant size.

Everything else, as we say, is by appointment.

Random musings

: We got a lot of good reaction on the suggestion that the Williams ads should give it a rest. I am an animal lover. Can we stop torturing those ducks in the



James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Cisco, Microsoft, WorldCom, Oracle, Sun Microsystems and Intel. 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