Lots of Upside Left, but Take a Step Back

Nothing like the inconsistency of this market. What worked yesterday is horrible today. Microsoft (MSFT - commentary - Cramer's Take) made us feel safe by being muted, but it simply didn't move down in one day, as we would have expected. Maybe it is a multi-day process.

You can understand some of the weakness. When YRC Worldwide (YRCW - commentary - Cramer's Take) blows up, you can say the economy is slowing, and it makes the FedEx (FDX - commentary - Cramer's Take) caution from the day before seem less boilerplate. I also believe that the ease with which momentum names like Scholastic (SCHL - commentary - Cramer's Take) and Intermagnetics (IMGC - commentary - Cramer's Take) can be clubbed feels just plain awful.

Oh, and Nigeria being too dangerous to do business with, Peru perhaps going socialist and Exxon (XOM - commentary - Cramer's Take) panicking in Venezuela gives us the possibility of oil going much higher, which would be a killer here. Check out Carnival (CCL - commentary - Cramer's Take), it can't pass it on -- yet.

But, all that said, given the run in averages, we take the one step back. We are way overbought. However, it is still the end of a great quarter. I don't believe there's much downside here.

Lots of upside still.

At the time of publication, Cramer was long Microsoft.

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