Finally, No Sellers

How much of today is short-covering? The shorts were all over Google last week when Eric Schmidt, the CEO, talked about cutbacks and weak advertising. That was a natural to short.

The natural gas stocks were breaking down severely as nat gas shot through $6 and the numbers are all too high now. But Jefferies upgrades Devon (DVN - commentary - Cramer's Take), the hedge funds that were selling take a powder, and oil held $40. Plus, OPEC cuts and China's rally make people feel better about this key group, including blasted stocks like Ultra (UPL - commentary - Cramer's Take), Conoco (COP - commentary - Cramer's Take) and Apache (APA - commentary - Cramer's Take). These had all become what seemed like risk-free shorts where the hedge fund supply was endless.

Obama's infra call seems to have taken people by surprise, which is pretty amazing when you think about it -- everyone seemed to be expecting something along these lines. Were people short Caterpillar (CAT - commentary - Cramer's Take)? Deere (DE - commentary - Cramer's Take)? VMC (VMC - commentary - Cramer's Take)? Weird.

Whatever, it seems like the blast off today has the earmarks of a cessation of selling. The sellers have vanished.

Barring a bit of negative news at the bell, the ProShares Ultra bullish funds should be able to power us much higher into the bell.

This is a very constructive market with a long-awaited absence of selling.

At the time of publication, Cramer was long Deere.

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