So we bounced off the low, and it "feels" decent. I can see that we are exhausted in selling, yet any rally, as I have said over and over again, has to have more than commodity leadership, and all we have today is oil and materials.

In the meantime, out of nowhere we have lost tech. Google (GOOG - commentary - Cramer's Take) under $300? Advertising must be getting still softer. A JPMorgan analyst is out with a call of Apple's (AAPL - commentary - Cramer's Take) weakness, and that stock is real rich, even excluding the company's cash position on number cuts. Also, Hewlett-Packard's (HPQ - commentary - Cramer's Take) getting crushed, Research In Motion's (RIMM - commentary - Cramer's Take) is giving it up again.

Without these or the financials, we only get afternoon short-covering at best.

The banks? What can I say? The UltraShort Financials ProShares (SKF - commentary - Cramer's Take) is hard at work destroying Goldman Sachs (GS - commentary - Cramer's Take) and JPMorgan Chase (JPM - commentary - Cramer's Take). I don't see what reverses them short of preannouncements to the upside or, alas, Tim Geithner saying that we are going to get out of the business of grading banks on equity capital.

So, why go up at all. We bounced! This market's driven by technicals. And that's enough to not be down huge and maybe up a tad at some point today if tech can catch a bid.

Finally, we did get good news about Genentech (DNA - commentary - Cramer's Take). The raised bid is very important because biotech money will come out of it to other stocks, but most was owned by arbitrageurs, so I don't want to get too excited. That being said, good news is good news especially in this "demonize the drug companies" era.

At the time of publication, Cramer was long Goldman Sachs and JPMorgan Chase.