record on tap. Yawn. I guess that doesn't even rate a headline any more. Dog bites man. NDX climbs to a high. But believe me, in the halls of the major money runners, this NDX rally is painful and fresh, like a wound that won't heal. Only a few funds are correlated well with the NDX. Very few are linked with the
Red Hots or the
, where the real growth is.
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Faced with the possibility that they will have the money taken away, they are frantically buying anything winning with four letters. Take
. I mean I like their email software, and
uses it successfully, but I mean, what's the deal? Contrast that with
, which does
. Both are valuable vendors for dot-com companies, but one has a great stock chart and the other a bad one. The institutions want the tech with the good charts and want out of everything else.
In fact, the only thing that seems to stop one of these speeding bullets is a potential sloppy lockup. I am being stung by fears of one in
. (You can read more about these in
article.) But these seem just like bumps in the road, no more.
When does it stop? What tends to happen is that the buyers get fed up with their inability to buy and they walk away for a couple of days. Then the stocks sag and the analysts come out and recommend buying
Procter & Gamble
And you get still one more chance to get in.
: You want an ugly group? Consider the plight of the insurers. First, there are way too many of them. Second, they have no earnings momentum. Third, they got whacked by big catastrophe losses. Fourth, no politician likes them. Fifth, they have no net strategy to keep out a Net category killer, if one lurks, in this business. I wish I could come up with some positives, but I just can't think of any. When excellent outfits like
screw up, I simply think this group is uninvestable.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Ask Jeeves and TheStreet.com Inc., and Cramer is long TheStreet.com Inc. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or Red Hot index. 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