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[Ulisses Pereira]

"El Paso Offering May Be the Tape's Tell"

By James J. Cramer
10/16/2003 08:30 AM EDT



"If someone could give us a better barometer, a better measure of interest and depth and temperament of the market than the 32 million shares of El Paso (EP:NYSE - commentary - research) put up during the last half hour by Bank of America at $7.25, then my hat is off to him.

This piece of merchandise, with steam coming off of it when it was priced, gives you so many snapshots to follow. First, the big move this year has been in the little recovery stocks like El Paso, stocks of not-great companies that got priced for bankruptcy but failed to go bankrupt. Some of that move is because of short-sellers not being able to cover. Some of it is because there are so many dollar bargain-hunters around who can't resist.


Now we have supply in spades, so the shorts, if they want to cover, can cover until the cows come home. Now individual gunners and little hedge funds and mutual funds that have been playing this "walk the small stocks up" game will be confronted with genuine supply.

That's why I say this El Paso block may be the tell of the tape here. If it can rally convincingly back to $8, then we have ourselves a powerful market. If it shrinks back to $6, then I think we have used a gigantic amount of buying power to get where we are and we are due for, and in for, a rest on the way to Dow 10,000 by year-end"

(in www.realmoney.com)