Feeling the Bears' Grip on This Tape

I sense a consensus is building that this market should not lift today. We have some of the homebuilders doing their sad thing, and we have some classic "sell the brokers" talk because they may have sold junk -- as immaterial as that is to earnings. We have the oils up again, but this time it is zero-sum. Only the endless running of derivative play Gold Fields (GFI - commentary - Cramer's Take) and the Goldman upgrade of Altria (MO - commentary - Cramer's Take) have much oomph.

To me, this market feels like it is an overbought-in-the-grip-of-bears tape that longs for someone to say the market is melting down, not just mortgages. Mortgages are just a suitcase bomb!

I would particularly like, if I were a bear, the stairstep down, holding when we're down in the range of 50 points on the Dow, more breakdown, hold in the 60s, breakdown. This could go to being down 90 points, in that range, without a problem. But at that point a snapback's probably in order.

With the bears in charge, this morning's testimony from Ben Bernanke will be colored by an overwhelming sense that he has no desire to ease. Heck, with this market script, they'll spin it as a tightening! (I often wonder if the bears have a sense of humor about this and make up total absurdities and sell them, or do they really believe the bilge they spew?)

In the meantime, when are these darned homebuilders just going to be indicated down 20% so they can bottom? This Chinese communist water torture's the worst.

Makes me feel like going and buying Vonage (VG - commentary - Cramer's Take)! Well, maybe not.

Random musings: I know three short-sellers of Chevron (CVX - commentary - Cramer's Take). What's their next move? ... D.R. Horton's (DHI - commentary - Cramer's Take) probably the next in line, and that one trades like a champ! ... Medco Health (MHS - commentary - Cramer's Take) has become the ultimate go-to stock on hydrogen subprime bombs. ... Keep track of Citigroup (C - commentary - Cramer's Take). The countdown against Chuckie Prince has begun. He's a nice guy.

At the time of publication, Cramer was long Goldman Sachs and Altria.

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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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