These broker stocks trade as if the underwritings that so many venture capitalists and entrepreneurs were banking on are done, just plain done. I look at

Goldman Sachs

(GS) - Get Report

and I think --hmmm, nice proxy for the underwriting business -- and this stock is tanking, just tanking. Same with

Merrill

(MER)

. Just plain horrible. (Now,

this

is the weekend to shop for a Hamptons house!!)

It is funny, all of these strategists said over and over again that no bull market was ever killed by too much supply.

Until now.

It is supply that has us in such terrible throes. The supply of the last few months keeps coming up as if it were so much peptic acid or cesspool backup. One hundred points ago

Sycamore

(SCMR)

did a secondary. Talk about a hot potato! How about that

Be Free

(BFRE)

secondary priced a fortnight ago at $27? It is at 9. Remember that secondary of

Satyam Infoway

(SIFY) - Get Report

in February at $80. It's now at 30.

That's horrible. That's much nastier than what I saw in '87. We are kidding ourselves if people think we are about to have a crash. For the holders of these pieces of merchandise

we have already had one

.

We haven't committed more capital since

the last piece.

Jeff Berkowitz

and I are debating

Todd-o Harrison

heatedly. Todd-o wants to do another round of buys, perhaps as much as $10 million worth. Jeff and I think that is just bottom-calling and we won't engage in it. We won't buy until we exceed the previous low.

If it hangs out here for another half-hour we probably compromise with an addition of $5 million.

It is too late to sell anything.

Random musings:

I just heard Jeff answer the phone, "Jeff's candy store, how can I help you?" Hmmm, maybe we are lower than I think!! (LOL)

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

jjcletters@thestreet.com.