Look for More Upside From the Nazz

Research In Motion (RIMM - commentary - Cramer's Take) was up 40% this year. I think it would have fallen if things were great. I do not believe that people will perceive this number, ultimately, as the disaster people are framing it as.

I think that yesterday's programs were logical, as people misinterpreted Geithner's plan as a letdown, when it was a smart outline -- I, too, wish it had been more fleshed out -- of exactly what they did in the late '80s to bail out the savings and loans. That took guts; he wasn't going there originally, and the plan can work. It also is a huge windfall for those who don't need the plan: Goldman (GS - commentary - Cramer's Take) and Morgan Stanley (MS - commentary - Cramer's Take), but they are in the sway of the ProShares UltraShort Financials (SKF - commentary - Cramer's Take), so they couldn't rally.

More important, the notion that we are going right to 6000 and taking out all levels, seems unlikely to me, although I understand the do-or-die nature of things (see Rick Bensignor's note in the CC). I do not believe that we can take out November, but there is a tremendous desire, it seems, to make it happen, both by shorts and by people capitulating on the endless flow of negative news.

I refuse to lose sight of the China rebound, which should be accelerated when we saw those export numbers. I don't want any more China-bashing; we need them to do what is necessary to help us. They have the darned capital. No one else does.

Despite RIMM, I think that people will rotate back to the Nazz and we will see stability over the next few days. There are a lot of stocks that have fallen to levels where we have safe 4% dividends, with Treasuries offering a fraction of that. I do not want to avoid them.

Bottom line: If you have to make a bet here, I would bet that we don't take out the lows and we can bounce further down and make money.

Random musings: I was taken aback by the Great Plains (GXP - commentary - Cramer's Take) dividend cut last night. Reminds me that the utilities just can't roll over debt yet, even though Cisco (CSCO - commentary - Cramer's Take) can! Seems wrong, as Cisco has tons of money already!

At the time of publication, Cramer was long Goldman Sachs, Morgan Stanley and Cisco.

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