What the heck was that close all about? Give me a break. I see a half dozen totally outrageous prints that made no sense whatsoever. Someone made a killing at the bell, but it wasn't the public. That's for certain.
, which I am long, was at 111 right at the bell. But it went out at 113.
was at 68 with a minute left. It dropped to 65.
was looking like 142. It ended up at 144.
was looking 72 but it went out at 73 1/2.
I could go on and on. This stock market at the end of the quarter with a host of rebalancings simply became a loaded crapshoot. This was one of the most artificial closes I have ever seen.
You could say, So what? But I would have loved to sell some GE at those prices. But the window closed. You couldn't get in. Nobody could. I tried frantically to get in to the Dayton-Hudson (I think I may have gotten some but I know the specialist bought a ton!). I would have loved to make a Texas Instruments sale up there. But you couldn't. It was almost impossible to get in on these crazy prints no matter how hard you tried.
Those who have traded for a long time know that the
New York Stock Exchange
has to look into why the exchange simply ceases to function correctly on the close during imbalance time. They have to allow people to come it at 4:01, or extend the session, or do something that allows these prints to be available to the general public. They have to give us more time.
Right now, the close is simply not open to enough people to act. There has to be more time given to allow people to participate, even if it is just a few minutes.
Only then would it be fair. It sure isn't fair now.
Hats off to Damon Brundage, the analyst from
who recommended the sale of
. He got it dead right. I
wrote recently about how thankless it was for Brundage to do this. But in one call he has established himself as the go-to guy. The stock is looking down five. Congratulations ... can we stop interviewing David Jones now? This guy got it THE MOST WRONG and he deserves to go to the penalty box.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Dayton-Hudson and Time Warner. 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