Positive Developments in a So-So Setup

Nice bounceback led by General Electric (GE - commentary - Cramer's Take), which surprised everyone by not surprising anyone.

As I mentioned in an earlier piece, the move in the last 20 minutes was that exaggerated nonsense that seems to be repealed quite often the next day, at least at the opening.

This one seems lasting, although, as I also wrote earlier I do not like this setup, as we need to retreat more ahead of the troika of news items.

Other positive signs include the reaction to the "news" about Goldman Sachs (GS - commentary - Cramer's Take), that a $5 loss could be in the cards, something I have said and written about a half-dozen times. Nice of the analysts to join me, and the lack of a reaction to the downgrading of 3M (MMM - commentary - Cramer's Take) to a sell by Citigroup. It is true that the company has outperformed, and it has benefited from currency, so I can't disagree with it, but it does seem to be a tad gratuitous after the huge decline yesterday. And the lack of a huge decline off of the Mosaic (MOS - commentary - Cramer's Take) shortfall. I like these because, for once, it seems like there is some bad news in stocks.

Very positive.

Random musings: Apple (AAPL - commentary - Cramer's Take) iPhone orders are looking up, according to trade reports. Sounds great. ... I like Skyworks (SKWS - commentary - Cramer's Take) now that we have the negatives out there...

At the time of publication, Cramer was long General Electric and Goldman Sachs. Jim Cramer is a featured commentator for CNBC, which is owned by General Electric; as part of his contract, Cramer holds restricted shares in GE.

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