This Market Has a Short Memory

OK, where did they hide the sellers? Where are the people who thought the world ended last week? Their siren songs were very seductive, and I know I heeded them. But today the bears are hiding and everyone's in there buying.

I know that the dollar's weakness is making people buy the industrials, but I have to admit to wondering, "Is anybody really that stupid? Is that what it has come to? That we forget the employment number and the whole rigamarole from Washington, and we are now all buyers? That we just could care less about what destroyed us last week?"

I think so!

Last week the loudest drumbeat came from those who wanted to short the banks. It made too much sense: Amherst shadow inventory, defaults rising, employment flagging. The usual analysts who hate the banks were barking at the microphones.

Then today Goldman says all is well and people can't get enough Wells Fargo (WFC - commentary - Trade Now). How short did they get? Heck, I thought Capital One (COF - commentary - Trade Now) was about to roll over. Talk about being wrong.

Here's what happened. If you decided that all that mattered was employment, as I did, you missed a bigger picture -- interest rates are down, the return on everything else is awful and we know that if everyone is worried about one thing, then it is probably "in" the market.

I did a piece on Friday evening about emotions. It was the microcosm of what happened to me Friday. Saw the number. Didn't like it. Figured the market couldn't recover, when the "number" was already in the market, as per Goldman's Thursday call about a weak employment figure.

So now we have the snapback, and I don't know how long it will last. I do know that the employment number is now forgotten ... until the Thursday employment number, and we will (along with retail sales) play macro again. Maybe that's when the sellers will come out and play!

Random musings: I saw Sen. Schumer on "Morning Joe" this morning, and I am convinced there will be some sort of public option, but I believe it will take place only where you have monopoly-like pricing, and the monopolies tend to be run by Blue Cross and Blue Shield. ... Oil controls AGAIN!

At the time of publication, Cramer was long Goldman Sachs and Wells Fargo.

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