This column was originally published on RealMoney on Jan. 23 at 12:31 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here .

Can you believe the number AK Steel's ( AKS) doing on the bears? Don't the people at AK read the papers? Things are supposed to be bad for the company, not good. What right do they have to talk things up?!?

It's not just AK. There's a vast conspiracy in steel to rally in the face what has to be a horrible outlook, doesn't it?

Of course, what's really going on here is something that went on with the homebuilders: the 6-7 multiple syndrome. When you get down to that level of valuation, you simply can't be shorted. It gets too hard. A good piece of news sets these stocks on a tear. A bad piece of news and the stocks do nothing. (Homebuilders rally on bad news, courtesy of the Fed reading the tape!)

AK Steel is dirt-cheap. So is U.S. Steel ( X). I talked last night on "Mad Money" about the notion of thesis reporting. You actually believe the boilerplate in The Wall Street Journal, so you short Capital One ( COF). You believe in the steel glut so you short a basket of steels.

But what's left out is the valuations. This stuff reflects disaster. If you don't get disaster, then it's "to the moon, Alice."

Alice is going to the moon.
At the time of publication, Cramer was long Capital One.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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