Cramer: The Market's Real Killer

NEW YORK (Real Money) -- Darn that Snapchat with that $10 billion valuation. We don't need that kind of story now. That's the kind of stuff that always seems to stop the indices in their tracks. Every time the market gets traction in the Internet we heard some wild-eyed pricing for a company such as Box or Dropbox or AirBnB or Uber, and we recognize that the overvalued mob has some fabulous evidence to use against the bull.

Watch the video below for more on how Snapchat could become one of the most highly valued tech start-ups around:


WATCH: More market update videos on TheStreet TV | More videos from Keris Alison Lahiff

We are always trying to figure out euphoria. We try to gauge it because it is a sign of excess. I absolutely loved Scott Wapner's interview with Jeremy Siegel, the terrific Wharton professor, on CNBC's "Halftime Report" Tuesday. That's especially as it concerns Siegel's comment that the skepticism is thick and there's certainly not a lot of celebration involving S&P 2000.

Then we hear about $10 billion valuations for profitless companies, and we have to go right back to the euphoria drawing board.

Now, I know about the pressure the venture capitalists can put on any market. I know that they will get their pound of flesh out of the hot ones. I know they could care less about what it does to the market overall, because that is not their job.

Even when they get it right, the way Goldman Sachs (GS) did with Twitter (TWTR) , you can still have problems when there are no profits.

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