It doesn't get rougher than this. The whole move was almost impossible to catch. You had to buy at 3:29 p.m. yesterday.

If you bought before that you paid way too much and you would just be getting back to even.

If you bought at 3:35 you paid high. If you bought at the opening you come in right on top of last night's quicksand.

And if you don't buy at all? You make nothing because the market ends up back where it started.

Why is this happening?

1. There is no liquidity. Anybody can move any stock with a very little capital.

2. Every time it goes down people short, every time it goes up, people cover. It exacerbates every move.

3. There is not enough money around. So you can't send up tech and drugs and cosmetics, for example, at the same time. Something has to be sold first. That creates the conundrum where whatever was great yesterday stinks today and vice versa. Very hard to game.

4. The media is in charge.


Maria Bartiromo takes yesterday's

Morgan Stanley

call praising


(INTC) - Get Report

and puts her muscle behind it and it moves much more than Morgan Stanley ever could. You can't game what the media will do.

Rough combination.

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