I keep thinking that

Julian Robertson

was short all of these highfliers and that they went up on the back of his fund. When he finished covering them all, there was nobody else left to buy.

It makes so much sense when I think about it because he would have been trying to bring these stocks in from

NDX

4000 to NDX 5000 and all of the little daytraders would have seen that persistent buying and, by nature, have tried to run ahead of it.

I am thinking this because there are

no natural buyers

of any of these stocks down here. Brokers are calling us with merchandise with no place to go whatsoever. The daytraders are doing everything they can to raise cash and the short-sellers all seem to have been taken out and shot.

I have never seen anything like it.

Take

Redback

(RBAK)

. Redback is doing just great, but this stock has dropped 50 points without a single buyer of size surfacing. (I know this because I follow the stock, there is no sign or indicator of these things.)

That's an incredible decline without a buyer surfacing. I know you have to buy them when you can, not when you have to. But somehow I don't think 248 is the level.

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.