More Market Imperfection
The lag in this market is frightening. Didn't everybody know that
eBay
(EBAY) - Get Report
was down? I must have heard it a hundred times today and seen it twice that amount.
But it wasn't until
CNBC
announced what I thought everyone knew that the proverbial bid hit the fan. (Can you imagine if someone had told
Maria Bartiromo
? Can you imagine what she would have done with her 9:30 spot, where she regularly moves stocks 2 or 3 points, if she had this call?)
How can the market be so imperfect? How could the buyers of eBay -- and were they ever buying it this morning -- be oblivious to this Achilles' heel as they took stock up to 95-97. Don't they use the darn thing?
Of course, maybe they were thinking that eBay has an analyst meeting Monday and that it will all be glowing. Maybe they think that the Net is finished going down. Maybe they don't even care!
Whatever the reason, it sure makes the game tough. Now will people blame
Sun Microsystems
(SUNW) - Get Report
for the problem so I can buy some of that at cheaper prices?
Why not?
Gee, this market can be stupid. Now watch these jokers take
American Home
(AHP)
on that bad Fen-Phen news to make my life even tougher!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of 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.
