It's the Bears' Tape, for Now

Boy, how badly do the bears want it down? Sometimes I wish I could better understand their arguments.

Chavez? OK, sell the heck out of Latin America, I don't care. Oil falling fast? Last I looked, the consumer loves that. Housing prices stabilizing? Wasn't that a bullish thing? Dollar stable? Don't we like that? Valuations not stretched? A positive, no? Copper and zinc going down. Didn't we tremble when they were going up? Gold falling. Isn't that a sign of diminished inflation?

We were up a lot last year. OK, you got me there. We were. I plead guilty on that fact.

But what if the earnings validate those increases? What if the earnings estimates for 2007 are too low after we see the reports?

What I am getting at is that the bears can party down all they want, but we are about to go into earnings season so they had better have some powerful ammo in their pockets and some knowledge about what will be bad.

I can't think of too many names for them outside retail because of the warm weather.

Oh, and Alcoa (AA - commentary - Cramer's Take).

They can't seem to shoot straight. But does anyone care anymore?

Unless you have sustained disappointments of the Motorola (MOT - commentary - Cramer's Take) variety, I just don't see how the bears can keep selling stocks down in this macro environment where price-to-earnings ratios should be expanding based on inflation.

But then again, if I were a bear, I would sense that the bulls are so beleaguered already that I would want to have my way with this tape.

And the bears have been.

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

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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