Why do I have this nagging feeling that somewhere in CyberVegas someone is making a two-way market in the over and under on this
? Yep, it has the feeling of an hourly over/under, 70, 55.
Whole parts of this market seem like that. I mean, who the heck is trading this Perot that a system that has worked for centuries, the stock market, doesn't work at all anymore? In fact, every day that this stock trades like this is another day where the old-timers must be thinking, What the heck?
Whatever happened to orderly markets? What are the online guys doing or doing wrong that the market can't handle the orders? Why are whole aspects of this market totally dysfunctional? And why do the
New York Stock Exchange
act as if this is not the case and that it's business as usual?
I would love to hear from the people who trade this Perot what their experiences have been. Have you been denied good execution because of the frequent imbalances? Are you freaked out at all by that rogue trading? Make some sense of this.
Email me and let me know.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 by sending a letter to TheStreet.com.