Corrections Roll Gently Through the Market

We are rolling -- as in rolling corrections.

Oils spike, then take a breather. Soft goods spike, then take a rest. Retailers ramp, and then they drip before ramping again. Defense stocks jump, then stay perched as another group takes off.

It's not a vicious rotation, either, just gentle, rolling corrections, like what the Dow has experienced the last few days. It is sweet, and it is exactly what has to happen as we meander for a few weeks.

In the interim, the market's internals are better than they have been in years. We see demand for some good deals: Last night, a CenterPoint (CNP - commentary - Cramer's Take) convert went to a premium the night before the iPpayment (IPMT - commentary - Cramer's Take) IPO.

We have some good merger and acquisition action happening: That's the Avanex (AVNX - commentary - Cramer's Take), for example. We have some excellent action in the consolidating financials, including some rip-snorting motion in FleetBoston (FBF - commentary - Cramer's Take), my favorite.

What's not to like?

Another good day for the bulls.

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James J. 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. At the time of publication, Cramer was long FleetBoston. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."