Bears Let One Slip Away

The bears really tried so hard today. They had you thinking that Ambac (ABK - commentary - Cramer's Take) was the key to this market. Oh please, that was a month ago, when there was still hope for the financials.

They had you think that Citigroup (C - commentary - Cramer's Take) could pull everything down with it, but people are accepting of the collapse of Citigroup at this point, at least to the teens.

They had you worried that without Research In Motion (RIMM - commentary - Cramer's Take) and Apple (AAPL - commentary - Cramer's Take) there couldn't be a sustainable tech rally. Those are yesteryear. I even heard that without Costco (COST - commentary - Cramer's Take) today you couldn't get a retail rally, but there goes JC Penney (JCP - commentary - Cramer's Take).

You simply don't have the opportunity for a monster sell-off when you have this much put action. There's just too much trampoline.

You can try very hard to make the case that without the monolines we are dead, but that's why many of the financials went back to their January lows (although, significantly many didn't and the homebuilders didn't) . Whats more important is that the chances of getting to a rally on Friday, when a weak number produces an immediate cut (possibly) and a strong number takes a steep recession off the table, increases without a big run today.

In other words, today was a crucial day for the bears to maul Deere (DE - commentary - Cramer's Take) and Chevron (CVX - commentary - Cramer's Take) and Yamana (AUY - commentary - Cramer's Take), They couldn't do it.

Their bad.

At the time of publication, Cramer was long AUY.

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