Lack of Pin Action Is Mighty Bullish

Extraordinary lack of pin action today, which is extraordinarily positive.

I read the Schlumberger (SLB - commentary - Trade Now) news and it was all negative, but Transocean (RIG - commentary - Trade Now) rallies anyway. That's incredible. This group should be getting hammered when the umbrella name trashes the outlook.

Or how about Hewlett-Packard (HPQ - commentary - Trade Now)? PC growth came into severe questioning by Microsoft (MSFT - commentary - Trade Now) and no one cared enough about H-P to sell it. I am amazed. PC component companies weren't sloppy either -- Western Digital (WDC - commentary - Trade Now) is near its high!

Even Dell (DELL - commentary - Trade Now) didn't go down. And Apple (AAPL - commentary - Trade Now) went up!

Not only was there no pin action off of delinquencies at American Express (AXP - commentary - Trade Now) and Capital One (COF - commentary - Trade Now), but they went up when there's now substantial trading gains to be had on these and no one took 'em.

When you get intraday non-pin action, you get an extremely bullish situation -- one that's not in the cards of virtually every strategist and hedge fund I talk to.

At the time of publication, Cramer was long Hewlett-Packard.

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