In fact, I think we are seeing a day that may be right on the backs of the short sellers. So many short sellers came out of the woodwork yesterday and today in a bid to create an October surprise, or at least be ready for it. But when we didn't get it, we got the kind of scramble that's on our screens.

We went down just far enough to trigger the allegedly complacent hedge funds to short, but not down far enough to give the underperforming mutual funds a window to buy.

Hence, the scramble and panic that's leading to higher prices and a better tone than we would have expected based on news that's no better or worse than the down days we have had.

Random musings: if you haven't read Scott Rothbort's fantastic analysis of the worst-run companies, you are missing a real gem.

At the time of publication, Cramer was long WFC and BAC.

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