Could it be a rotation or could it be bigger than that? Could people be too optimistic and we are about to get slammed again by weaker data?

Many people are going to dislike my answer but I think it is another rotation, nothing more, and I don't think this is a fulcrum moment. That's exactly what Doug Kass is calling for -- something that could be really ugly.

I just don't see it because the data really is pretty good. The longs are "crowded" like the banks, which were written up by Goldman Sachs (GS - commentary - Trade Now) as being a concentrated holding by hedge funds -- reminiscent (I blanche) of the piece last year where it was clear that the hedge funds were clustered in the rails, National Oilwell Varco (NOV - commentary - Trade Now) and Freeport McMoRan (FCX - commentary - Trade Now).

Again, though, maybe stocks like Citigroup (C - commentary - Trade Now) and Goldman are ahead of themselves. Maybe the financial group is too frothy -- witness the final reversals in Fannie (FNM - commentary - Trade Now) and Freddie (FRE - commentary - Trade Now) mentioned here earlier as perhaps being worthless.

But I reach the same conclusion again: I don't see anything big happening. Would I buy here? I am actually a seller of some stuff for ActionAlertsPLUS. Just normal selling though.

I am simply trying to say that between money coming in and better earnings vs. too much optimism and deficit issues, I see a push for awhile.

Nothing more.

At the time of publication, Cramer was long Goldman Sachs, General Electric, Pepsi, Abbott Laboratories and Procter & Gamble.

Doug Kass famously called the stock market bottom in March. Now he's calling a top. Do you agree?
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