The Lockup Game Is Over

Cramer says the rules for playing expirations have changed, and the shorts are suffering.
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Looking for more signs that things have changed: Everybody was playing the lockup game for a couple of months there. They were shorting these stocks with impunity.

But once everybody figures out a game, that game is over. Once the

Wall Street Journal

started listing the lockup expirations, and people thought that shorting expirations was like shooting fish in a barrel, it became a dangerous game for the shorts.

Now we are playing it the opposite way: When we see an expiration coming, we figure that the jackal shorts are all over it, and that we can come in and crush them and make big money

on the long side

.

Again, know your tape. In the pre-Memorial Day market, people made fortunes shorting stocks betting that the insiders would bail. Now, their shorts are getting their heads handed to them with this gambit.

Pretty funny.

The great bear hunt continues!

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.