Take Heart: Oil's Back

At least it's not crashing. The feeling coming into this session was to fade the opening futures strength and short the market, given the stress from the insurers and Fannie Mae (FNM - commentary - Cramer's Take).

That hasn't played out yet. But we are early in the day.

We have seen, time and again, that the market falls apart at the end of the day, and the pressure is all financially led so you can bet that the usual suspects -- bears -- will come in to try to break the Select Sector Financial SPDR (XLF - commentary - Cramer's Take) through aggressive short-selling, something that has worked well.

But it might not work, because, alas, the leadership of oil is back and it has proven time and again to be able to be the bulwark against declines.

I know that this is all counterintuitive to many, still, but we are undergoing a dramatic shrinkage of the financials as a sector and you are getting that by having industrials and oils get bigger as the financials shrink.

Now, if oil reverses intraday, you are going to see the market simply fall apart. It's just hard to see oil getting killed at this point in the day.

Random musings: Fortress Group (FIG - commentary - Cramer's Take) positions are under pressure: Brookdale (BKD - commentary - Cramer's Take) and Newcastle (NCT - commentary - Cramer's Take). Amazing, people are shooting at hobbled hedge funds, just like the old days.

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

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