Here We Go Again

Now the momentum builds. Now the excitement begins anew. We held. We feel great. Things are overdone. There is too much fear. Things aren't that bad. The bad news is overdone.

The rally keyed on tech bouncing back in a "statement" buy by portfolio managers, who said, "The worst is in after Intel (INTC - commentary - Cramer's Take)." Of course Apple (AAPL - commentary - Cramer's Take) led the charge, but Google (GOOG - commentary - Cramer's Take) was invoked, too. The fundamentals played less of a role than the ETF-buying, which was flagged and suggested by Bob Byrne for one of those moves that made you a small daytime fortune.

It then spread to the oils, which have been the keys to every rally, because they are the hedge fund stalwarts, and the hedge funds must protect their turf and create some gains to be able to encourage people staying with them.

Finally, it got to the rest of the market, even the financials, as they look "oversold," as people endlessly call them.

And voila, a nice 400-point swing so far.

Amazing. And revolting. At the same time.

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

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Know what you own: Cramer mentions tech. Other tech plays include Cisco (CSCO - commentary - Cramer's Take), Qualcomm (QCOM - commentary - Cramer's Take), AMD (AMD - commentary - Cramer's Take) and IBM (IBM - commentary - Cramer's Take).

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