If you stop printing them, we'll start buying them.
That's the collective deal this market wants to offer the investment bankers out there. With this last spate of deals still stuck like old food on a plate you forgot to put water on before going to work, the market wants bankers to wash the dishes and get to the Hamptons already.
We need a breather. We express that need for a breather in the
Bon-Bons, stocks that have violated their print prices. We know that the impact of supply is making Net ownership hazardous to your health, even as many of the Net businesses are doing quite well.
Traditionally, right about now, the investment bankers who pump this stuff out like to pack up the family in the his-and-hers Range Rovers and head out to
. This year, they seem to be less inclined. They have too many deals to do.
My advice: Get a little less bottom-line-oriented. Your quarters have been made already. You are killing us with your overtime creation of dot-coms. Take the summer off already!
Markets are driven by supply and demand. If you give it time, the vast sales apparatus will find a way to put the merchandise that is barely floating out there into firmer hands. The flood gets taken care of, provided you stop creating the rain and you close a couple of windows.
Yesterday, during the height of the
DOT's decline, before the turn in bond-market fortunes, I heard the first piece of good news in weeks for the Net sector: A deal had been held back, ostensibly because of
problems, but perhaps, in addition, because the market is too soggy to absorb more.
Two or three more of these cancellations, and I know the bankers will opt for
for the summer.
And then I will want to do some owning -- instead of scalping.
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