Jobless claims are still over 500,000. Until they are under 500,000, the market remains a short.

Retail sales are disappointing. Forget Gap (GAP - commentary - Trade Now) and Urban Outfitters (URBN - commentary - Trade Now) and Nordstrom (JWN - commentary - Trade Now). They are aberrations. Focus on J.C. Penney (JCP - commentary - Trade Now) and American Eagle (AEO - commentary - Trade Now) and a lackluster Target (TGT - commentary - Trade Now). They are true depictions of the nasty situation out there.

The central banks have all gone mad, as mad as Buffett, trying to keep rates down when they should be higher and supporting the dollar, which is necessary -- in part because it would buttress the case of weak earnings by being self-fulfilling. In retrospect, Buffet has lost his mind by going against all of his instincts. He's a dope now, too, as is anyone who pays up for anything.

Cisco? (CSCO - commentary - Trade Now) Chambers is a fraud, pumping his stock again. Qualcomm (QCOM - commentary - Trade Now) is clearly worse than expected (even though it isn't).

3M (MMM - commentary - Trade Now) has just said at the Goldman conference that commodity increases are coming and we are not out of the woods, economically -- so short MMM and everything else industrial. Another down day. Another day where any strength is worth selling. Another day where Goldman Sachs (GS - commentary - Trade Now) will reverse and Apple (AAPL - commentary - Trade Now) should be sold because of the Android and Motorola (MOT - commentary - Trade Now) resurgence.

Gold's rally continues to portend doom, gloom, no boom. The only beneficiary is Black & Decker (BDK - commentary - Trade Now), because it makes wheelbarrows for us to transport debased dollars. Stanley Works (SWK - commentary - Trade Now), by the way, is moronic to pay up and double down on tools, because housing's never coming back.

There. How did I do?

At the time of publication, Cramer was long CSCO, QCOM and GS.

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