First, amazingly, no one is even thinking that some of the decline today could be related to options expiration. Other than the semiconductor downgrade, there's very little bad news out there. Limited (LTD - commentary - Trade Now) and Ross Stores (ROST - commentary - Trade Now) reported great numbers and outlooks, as did Phillips Van Heusen (PVH - commentary - Trade Now) and NetApp (NTAP - commentary - Trade Now). We did have a momentary slip in the Baltic Freight, but it has been straight up for some time. Oil's down, but we've held the range for so long I can't believe we can get a freak-out every time it happens ... although that trade seems endless.

I don't think the health care compromise can cause much damage. I know the payroll number wasn't under 500,000, but it came pretty darned close.

As I said in a "Wall Street Confidential" video this morning, we do have multiple reasons to take profits. I think we are having a round of profit-taking coupled with a rebalancing of the week ahead of expiration.

I do not think that we are having the "long-awaited correction," which I presume means something in a range of 7% to 10%.

So much for conventional wisdom?

At the time of publication, Cramer had no positions in the stocks mentioned.

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