Small-Caps Have to Lead

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Looks like those crazy buy programs couldn't keep the balls up in the air for the whole session. So what else is new? If the pattern holds, tomorrow we come in and the futures are down some crazy amount and the whole shooting match starts over again.

Disappointing when it comes to the financials and the

Russell

. But terrific for tech and the airlines -- credit

Barron's

with that. Nothing like a market periodically driven by fundamentals!

Can't begrudge an up 2000 issue day if you are long, but I keep coming back to the notion that small-cap, not big-cap, has to lead us to the promised land.

On a lighter note,

Disney

(DIS) - Get Report

showed that if you let people cut numbers enough times and let your stock drift down enough, the

coup de grace

has no sting. Other CEOs take note, if you just let the bulls hang there with assurances, you can preannounce with impunity!

This

Tellabs

(TLAB)

-

Ciena

(CIEN) - Get Report

saga ended up taking no prisoners. In tough markets stuff like this just becomes business as usual. That's why, despite repeated assurances, some of which I received today, I can't believe this

MCI

(MCIC)

-

WorldCom

(WCOM)

deal is closing. As a shareholder of WorldCom, it is nice to see something happen as planned for a change.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.

At the time of publication the fund was long WorldCom, though positions can 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 by sending a letter to TheStreet.com at

letters@thestreet.com.