Banks Will Keep Running Over the Shorts

Nope, didn't quit. People furiously buying the banks right into the bell. Same with the oils. Historic moves, once-in-a-lifetime moves that seem to know no bounds, and those who were shaken out by yesterday's selloff seem to scramble to get back in.

I am adamant here that banks and oils aren't done running. They were the two cohorts that have been priced for a depression when this rally began, and now they are priced for a recession, but still a deep one. I know people want to take profits in a Wells Fargo (WFC - commentary - Cramer's Take) or a Citigroup (C - commentary - Cramer's Take) or a Bank of America (BAC - commentary - Cramer's Take), but the big dogs still want in.

How do I know this?

Take one look at Wells Fargo, which truly told you everything you needed to know. Here's a bank that, two months ago this week, was supposed to be nationalized because it couldn't raise money.

Today it could have raised all the money it wanted to at $22. It could have raised all it wanted to at $28.

Bank of America? Deemed insolvent the first week of May? I bet it could raise $10 billion in equity Monday. Maybe $15 billion.

It is an amazing reversal, done on the backs of the shorts who obviously did not cover. (Once again, I urge you to sign our petition, as we cannot use this rally as a reason not to make the playing field level. We must reinstitute the uptick rule to be sure these catastrophic bear market raids that destroyed the good with the bad never happen again.)

I leave here thinking that those who aren't in need it down. The shorts need it down. They can be rewarded, but only intraday, perhaps on one of those wacky pre-expiration days we get during expiration week.

Otherwise? Call 'em hung.

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Know What You Own: In Friday's trading, other financial stocks that had heavy volume included Fifth Third Bancorp (FITB - commentary - Cramer's Take), Huntington Bancshares (HBAN - commentary - Cramer's Take) and the Financial Bear 3X (FAZ - commentary - Cramer's Take).

At the time of publication, Cramer was long WFC.

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