You just witnessed a massive sale of
. Millions upon millions of dollars of this instrument, which then translated into a giant puke of all sorts of
names. The QQQ is one of those instruments that looks like a hand gun but packs the punch of a bazooka. Today it was loaded with mutual fund armor piercing shells and it punctured its target.
This was one of those days that seemed like we had extended hours of trading already, as people were still trying to get me to buy
merchandise after the bell. To mix metaphors, that's like getting punched after the match is over.
Wish there could be a silver lining. I started some dot-com positions today, small, trying to play contrarian, but, when I was in my own corner minding my own business, my heavyweight opponent, the underwritings, came over and smacked me, and then the ref kicked me in the shins to boot. In other words, no bottom yet.
And more supply beckons.
To make matters worse, feels like there is a preannouncement out there in tech land.
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