Holy cow, this 30-year bond trades like a small-cap with a sqeeze. It trades like one of those $&^&^# stocks like Andrea Electronics (AND) or Entremed (ENMD) or ZZZZZ Best before the big breakup. It has had a gigantic move in the time that I wrote this missive.

I had been saying that the

Long Term Capital

fiasco played a role in this, as my cab driver today knew that Long Term was short the 30-year, but the pain this consortium must be taking today will definitely hurt the brokerage houses' numbers.

Again, I repeat, if you are not familiar with the relation of the 30-year and the market, I urge you to go into the

piece from the weekend. In the meantime, remember, the government's not going to print any more 30-years any time soon, and it seems like the whole Street is short this bond.

Mind-boggling.

Fed's

fiddling; Street's burnin'.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com.

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 by sending a letter to TheStreet.com at

letters@thestreet.com.