Bears Turn a Blind Eye to Bullish Tells

Well, that was a brutal denouement to a nice day. But I understand there was a huge amount of stock that had to be sold as part of a rebalance of the indices, a rebalance I wish I had seen coming.

But even after the reversal, I still have questions to ask the bears, like, what do you make of moves like that of McDonald's (MCD - commentary - Trade Now) or Procter & Gamble (PG - commentary - Trade Now)? Is it the lower volume that fails to convince you? Is it the belief that these moves are ephemeral? How can you not acknowledge these powerful moves? How can you rule them out as aberrations?

And you might have won on the averages, but I don't know about these individual moves. Take the action in Bank of America (BAC - commentary - Trade Now). In a bear market, that piece of merchandise blows up today. Even in a mild bull market, you shouldn't be able to get this kind of ramp. Who wouldn't take that quick gain with no commissions on the go on? But it doesn't happen. It's incredible. But I need to hear what the bears think about this, I need to know how they dismiss BAC or decide it is not a tell, a solid piece of evidence that something special is going on here.

Ford (F - commentary - Trade Now), Bank of America. These are incredible moves. And think of it this way: BAC has a big credit card business. Congress basically outlawed the profit margins in credit cards. Only Capital One Financial (COF - commentary - Trade Now) gets clocked.

Here's another question: How do bears explain the breadth? Commodities and commodity buyers are soaring. How can that happen other than in a huge bull market? And speaking of secondaries, can you believe how much you made on that U.S. Steel (X - commentary - Trade Now) secondary? How do the bears explain that, either?

How about how Coke (KO - commentary - Trade Now) and Pepsi (PEP - commentary - Trade Now) going up despite a frightening article about the taxation of sodas? How do you get that kind of behavior?

I ask these questions because I read the bears on the site, and I am truly puzzled. I just see so much that occurs only in the roaring bull markets that I have seen in the last 30 years. Again, kudos to the bears for dodging a retreat today, but it is a retreat that I wanted to buy, not sell.

At the time of publication, Cramer was long PEP.

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