Wait to Panic About Bernanke

Is Ben Bernanke a hawk or a super hawk?

Did that get your attention? Good. Now let me tell you what we really know: nothing.

We know that the bond market says he will be tougher than Alan Greenspan -- hence the strength in the 10-year and dollar. We don't know more than that.

I listened to all of the testimony and read all of the articles and to me, it sounded mostly like a continuation of the policies, which I suspect is why the banks reversed Tuesday. The banks need the Federal Reserve to stop in the next few months, before things get out of control and we begin to have an actual recession caused by people who have put no money down to buy houses.

I know that the goal of the Fed isn't to break the consumer, just to cool housing and make it more affordable. But if the Fed makes housing more affordable by causing foreclosures -- and I believe that is a growing possibility -- we will have to adjust portfolios much more to the UnitedHealth Group (UNH - commentary - Cramer's Take) side and much less to the Caterpillar (CAT - commentary - Cramer's Take) side of things.

In the meantime, I believe it is important not to be shaken out of the real rally that is still going on, the rally in tech. I thought the nascent moves in semis mid-Tuesday were the real tell, and the oils were the false tell.

Today we will know more.

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At the time of publication, Cramer was long UnitedHealth Group.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.