Don't Sweat Today's Selling

In the end, they had to sell stock to take in stock. That's what it felt like to me. The big boys were selling banks to buy a cheaper bank -- Bank of America (BAC - commentary - Trade Now) -- and selling stocks because of an S&P rebalancing. I don't think the selling was anything but mechanical.

Still, I know that when I saw Fifth Third (FITB - commentary - Trade Now) file $750 million in stock, I blanched -- I mean, like, enough already.

Of course there will not be "enough already" until all of the banks file deals, and there are more to go for certain, so we will have to deal with the ebb and flow of the supply. I found the Bank of America/Merrill Lynch big-money survey helpful, as it is clear that large mutual funds are indeed still underweighted in banks. At the same time, at the end of the day, this market started to feel bank toppy, and we could use some strong BAC pushes tomorrow morning, which I think we will get.

All in all, this weak-dollar business, which is happening quickly, will produce higher numbers and more upgrades like we had today for McDonald's (MCD - commentary - Trade Now) and Procter & Gamble (PG - commentary - Trade Now).

I am not sweating the program...

At the time of publication, Cramer had no positions in stocks mentioned.

---

Know What You Own: In Wednesday's trading, the most active stocks include Bank of America, Citigroup (C - commentary - Trade Now), the Financial Bull 3X (FAS - commentary - Trade Now), the Financial Bear 3X (FAZ - commentary - Trade Now), the S&P Depositary Receipts (SPY - commentary - Trade Now), the Financial Select SPDR (XLF - commentary - Trade Now) and the PowerShares QQQ (QQQQ - commentary - Trade Now).

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.