Now we are looking for signs of massive negativity as the beginning of a serious bottoming process. No sooner do we start the hunt then we get


"Tomorrow's Possible Pricings" (a paid service offered by



Sure enough, this document, which usually goes on for pages and pages is one page. Five deals. Two of them are so small that they don't even count. One is a biotech deal that has been hanging around for weeks and hasn't been able to be priced.

The other two deals are wireless deals, with wireless being the sole hot area left in this market. (Will you fuel-cell people leave me alone already!)

That speaks volumes. It says the long-awaited end of the IPO market is staring us in the face.

That's bullish.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, both Cramer and his fund were long 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