The havoc of the secondaries and the lockup expirations is hitting home. Look at Phone.com (PHCM) , which Ben Holmes highlighted this morning. It is getting trashed. Cisco (CSCO) - Get Cisco Systems, Inc. Report still can't lift (although the day is young).
That's hurting the whole telco-semiconductor complex. So
gets tabbed down. And
turn soft. Not to mention
In fact, for the moment the only stuff with traction is the el-nerdo big-cap consumer stocks and out-of-favor cyclicals. And those don't even have
One thought: Expiration week may be playing some sort of negative role.
are heavily program-oriented, and those look terrible. Maybe there is some sort of program out there that is putting additional pressure on these names. Until I find out, I am
picking at them.
London calling? Indeed, even the locals at
have noticed our
new operation in the land of Big Ben. Check out
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel, Microsoft, Texas Instruments, Cisco, Motorola, Brocade and Ericsson. 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