The Achilles' heel behind the Red Hots was always that one day a prominent one would blow up. You couldn't get any more prominent than MicroStrategy (MSTR) - Get Report, which was loved the way people love a home team. $20 billion worth of home-team prominence.
Call them the
Holy cow, today was a bad day for the bulls. The bears were growling all day, looking for prey after they ate that salmon Mister. You could see the pawprints everywhere once the bears broke out of the trap.
The whole concept of owning a concept stock requires that conceptually you agree that the concept is growing faster than a speeding bullet.
Today we found out MicroStrategy was shooting blanks.
Now we have to wait and see which salmon can swim upstream past the bears. With just a few weeks left of the quarter I am in no hurry to get into that cold water and find them. I would rather have the bears do the winnowing.
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