Given the gigantic number of secondaries that just got priced this morning, this market is holding up extremely well. Secondaries are great thermometers for the temperature of the market and it is quite healthy according to this indicator.
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In fact, it is doubly positive. Fridays are always bad days for secondary merchandise to price. Tons of people always get spooked on Fridays and don't want to hold things over the weekend -- either for the inevitably bearish
article about who knows what or because of the fear of what awaits next week.
I know that seems silly, but it is a fact. So I emphasize that the merchandise is well in place except for
, which, for whatever reason (afraid to be hyped on
because it is too close to comfort?) is really stinking up the joint.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long NBC Internet. 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