The Market Is Getting Oil All Wrong

The Alka Seltzer has been passed out. The "Hangover" -- which by the way is a surprisingly funny movie -- is almost dissipated. But there's still no reason to buy ... yet.

We have some green clues about where the money seems to want to go: Procter & Gamble (PG - commentary - Trade Now), Wal-Mart (WMT - commentary - Trade Now), Inverness (IMA - commentary - Trade Now), Verizon (VZ - commentary - Trade Now), Hershey (HSY - commentary - Trade Now) and General Mills (GIS - commentary - Trade Now). Those are no doubt in reaction to the decline in oil, which is being taken, every tick down, as evidence that things are getting worse again in the economy.

Tell me you don't want to throttle the people who are in control of stocks right now, the ones who seem to do their best to get it wrong, because oil shouldn't have been in the $70s, at least when it comes to demand. It is true that Mexico is having a decline in oil that's catastrophic. But otherwise, the market is pretty much the same as it was a year ago, but the economies around the world are a lot weaker. Plus natural gas? I mean, where the heck is that one going? I had thought no lower than $3.50.

Given the way the options expiration came down, without a lot of stocks ramping up. I am surprised that there isn't a little shake-off here.

But not yet.

Not with oil.

Not with the wrong-headed people selling the market for reasons they should be buying it.

At the time of publication, Cramer was long GIS.

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