These 10% moves are a little ridiculous these days. I have to tell you that the 10% move Thursday in Bristol-Myers (BMY) was about as ridiculous as I have ever seen.

Yes, the big call on a big anti-Hep C drug might be off the table and investors have a fascination for anything that can beat Hep C. Bristol paid a couple of billion for a company that's working on one, so I get the disappointment.

Plus, I have no doubt there will be more selling Friday because these 10% affairs have almost always brought out more sellers the next day. But at the same time, the yield is safe and the company's got a lot of irons in the fire as we said in the e-mails we sent out before we bought the stock for Action Alerts PLUS.

But the bigger question is how you can get these kinds of drops with relentless selling. I think the answer is that there are no brokerages at all willing to take the other side of a trade. No broker will principal a trade, meaning buy stock from a seller and try to find buyers.

It isn't worth it. It doesn't matter if it builds good faith with a customer because that customer's going to chisel you anyway. So all that happens if you are a broker who helps a client out with a sale is that you get trounced with no positive payback.

The result is that there is zero liquidity on even the biggest-cap names and the sellers want out and don't know how to do it other than to keep selling until a stock stops going down. I know that sounds stupid, but the sellers fear only other sellers and don't fear a bounce, so a stock can go down and down and down before it exhausts itself as BMY will do, or as Celgene (CELG) did when it disappointed with something even more important than Hep C was to BMY when it disappointed with Revlimid.

This lack of liquidity has led to a whole new set of rules. It truly does pay, if you are a hedge fund, to bet against a stock once it begins its descent for at least 24 hours. That way you are betting the flow of stupid money that's unloading. You just have to remember to cover when the selling exhausts itself and the stock starts going up again.

How bad is it now?

A few years ago I was amazed at how a big-cap stock like BP (BP) could keep falling on the same Macondo news.

Now, such moves are commonplace.

I am not, by the way, talking about moves like that of Knight Capital (KCG). That's a liquidity crunch. I am simply talking about the moves of big-cap stocks with slight misses or slight disappointments.

It is a new and, frankly, awful world that makes me lament for the good old days when brokers played an active role in the markets instead of not helping at all or even, at times, betting against the clients because they were just considered counterparties.

Just another reason to despise an already hated stock market even as it is up almost 10% for the year.

Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long BMY.

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