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NEW YORK ( TheStreet) -- The markets are starting to get weird now that the Alibaba initial public offering is getting close, Jim Cramer said on Mad Money Monday. Most of the market is doing fine but the fast-growing, high-multiple stocks are getting clobbered, he said.
Cramer explained that Alibaba is a magnet for hedge fund and mutual fund managers because the company is growing like a weed. But with only a limited supply of money available, these fund managers need to sell their slower-growing stocks in order to make room for Alibaba.