NEW YORK ( TheStreet) -- After Thursday's close, Twitter filed for its IPO. Telling TheStreet's Brittany Umar his thoughts on the matter is Jim Cramer.

Twitter filed confidentially with the SEC under the JOBS Act, which allows companies with less than $1 billion in annual revenues not to publicly disclose its S-1 filing when it files for its IPO. Rather, it can keep the S-1 private until 21 days before its road show begins.

Cramer said it's stupid that the act even exists, although he believes Twitter has been honest about its accounting and record-keeping.

He went on to say that The NASDAQ OMX Group ( NDAQ) still hasn't figured things out, after messing up the Facebook ( FB) IPO and, even more recently, went through the "flash freeze" in August.

Facebook struggled after it went public, partly because it didn't have an answer for mobile. Cramer concluded that Twitter does mobile very well and will likely have a valuation between $10 billion and $20 billion.

Investors will do well if they can get in on the deal, but he cautioned that those buying in the aftermarket are usually underwater at some point in the next 12 months. That indicates better prices will likely be available within a year.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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