Individual highfliers are getting slaughtered by margin clerks right now even as old tech shines! The problem with the highfliers, of course, is the holders. The holders are not what I call "seasoned hands," who can withstand the pain. They are the kind of holders who are your worst enemy. They are holders who can only own stocks that go up!
In the meantime, the rally in the
reminds us that there is very little supply on individual days for many stocks out there. You can't find much
up 5. There isn't much
to go. The sellers may be alive, but they don't even know that the stocks have rallied to where they might be good sales.
And nobody has any profits in the banks and the airlines and the drugs to take so they can't muster up any selling.
All in all, the compromise seems to be the old-fashioned tech that has good nonmargined holders, coupled with old-timers with Web presence like
. Let the clerks have their way with the
. They will live another day.
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James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long General Electric. 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