The Correction Has Left the Station

It drives me crazy to hear people say that after last week's selloff we need a bigger selloff -- 10% to 15% -- before they will commit. And they are willing to wait for it.

Why is it that no one ever says "We had our decline last week and it was the chance to get in. Now the market is rolling back up."

I mean let's consider what's happened:

1. We are no longer incredibly overbought and the market has become less frothy.

2. We are very far along in the refinancing of the banks as both the equity markets and the debt markets are now open.

3. We have breakouts all over the place in names like Procter & Gamble (PG - commentary - Trade Now) and Coca-Cola (KO - commentary - Trade Now) which have been basing for months and months.

4. We have tech broadening out into the telco space as we have been predicting.

5. The fertilizers, the ultimate momentum stocks, are ripping. That's amazing given that Coca-Cola and Procter & Gamble are also rallying.

6. We have quick comebacks after stocks are allegedly down for the count -- e.g., Cisco (CSCO - commentary - Trade Now) and Wal-Mart (WMT - commentary - Trade Now).

7. The oil group simply won't quit.

8. Bank of America (BAC - commentary - Trade Now) may be doing the offering of all offerings and it is going up!

9. People made a huge amount on the Ford (F - commentary - Trade Now) deal out of nowhere. An auto company!

10. This market doesn't even seem to care about General Motors (GM - commentary - Trade Now). How can that be?

All of these are happening without anyone embracing this market or even admitting that it might have just had a nice correction that was worth buying. All I hear is that the signs of stability are illusory and we need to wait for the next crash to buy.

I say good luck!

Random musings: Excellent pieces by Ron Insana and Doug Kass that share this optimistic bent on RealMoney!

At the time of publication, Cramer was long Cisco.

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