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To: Dave B who wrote (23455)	6/23/1999 6:05:00 PM
From: MileHigh	Respond to of 93625

Does this sound familiar!?... ========================================== Get Short, Get Loud -- and Get Burned By James J. Cramer 6/23/99 3:38 PM ET People keep whipping around this NDX like it's a kite. Earlier today big hedge funds came in and bought puts all over it and its SPX brethren. Then they spread word that a 50-basis-point rise was coming. But they didn't get a chance to blow out the puts or cover their shorts. In fact, they got slammed upside the head when Ron Insana boldly blew the cover off their schemes. Directly and with precision. Now you can expect that a squeeze will develop, as all of those puts were bought on top of a shaky selloff based on nothing yesterday. The stuff that should rally best is the stuff that got killed the hardest yesterday in that last hour, as I fully expect that the market just undoes yesterday's selloff. Hats off to Insana putting an end to a ruse we all know about: the get-short and get-loud game. Well done. -------------------------------------------------------------------------------- James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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.