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What's the Big Idea?

In the slow days of summer, when someone has a good idea, everybody else has it too.
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The Street's out of good ideas right now. How can I tell? Because when someone has a good idea, everybody else has it too, that's how.

Take this morning. In my first meeting with my partner

Jeff Berkowitz

-- yes, the meeting you will be able to attend if you win the

investment challenge -- we went over companies that report this week.

"Here's an interesting one:

Fedex

(FDX) - Get FedEx Corporation Report

," I told Jeff. "We think oil's going lower, we like the Net, the stock's down from 60, probably good for a three-point trade in a flat tape."

Jeff then picked at it a bit, wondering why it was down, questioning how the quarter had been going, what people were thinking. I said that I had heard things were good, that the company has a tendency to be promotional about the Net, which is great if you are long it and crummy if you are short it. I said I wanted to get 15 in, or 15,000 at a quarter point around the close. (Newbies, I wanted to buy 15,000 shares around where the stock went out Friday.)

All of that is pretty standard for us.

Later on in the morning I noticed that

Merrill

(MER)

pushed the stock a bit, but nothing aggressive, and I still thought I had a pretty good chance to get some stock in, maybe with a little give. (A little give is about a half-point above where it went out.)

Bamm, next thing I know the stock gaps up three. The whole gain I was looking for happens at the opening. There are so few money-making ideas on the Street that, when people see them, they will pay anything.

Or as my wife, the

Trading Goddess

, would have said: "You had to buy Fedex Friday."

It's like that in the summer. We are all trying to find something that makes sense. There's just not enough to go around.

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Random musings

: Downright enjoyable tape as good news from the Net filtered out of the

Thomas Weisel

meetings, where reports were that pageviews remain strong for the stalwarts despite the dog days ... Getting tired of hearing the "you have to own the infrastructure Net plays" -- predictably, they will be over-owned shortly ... Weird mark in

IBM

(IBM) - Get International Business Machines (IBM) Report

, which I am long, a small block takes it up more than a buck at the bell, but I guess I can't complain. Small block of

AlliedSignal

(ALD)

takes that one down, and I would complain except I bought on it!

Berko strikes again. Remember when he said no to me about

Seagate

(SEG)

a

few weeks back and I shared it with you immediately. Good call, Seagate just blew up... Had to sell the

Morris

(MO) - Get Altria Group Inc Report

, talk about a meeting that failed to deliver on expectations: earning below plan, no thought to splitting up the company, and a plethora of lawsuits ahead. Next!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long IBM, Allied-Signal and Merrill Lynch. 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.