The Bounce Means the Crash Can't Happen

Liquidations and trepidations. We had them all week. But you have to wonder if we really weren't totally in the grasp of the hedge fund issues like we were last August because today is the last day that people can sell in bulk to return money to investors (I know this, and if you want to see how it works, check out Confessions of a Street Addict). I say that because we are supposed to be down 200 to 300 points today. Don't say you don't believe that. It was a consensus play. It was what I heard over and over, and I heard that nobody should even think about buying.

I heard it; you heard it.

And hey, bears: I know there are many more hours left to the day, but it is worth noting that bulls would have salivated to sell at these prices at 9:30!

The world keeps throwing "I told you so" at me, so I am tossing it back by saying I don't think that anyone I know thought it was anything but totally foolhardy to buy earlier today. It is true that we now have a recovery, and it seems like it is "too late," although I continue to pick as stocks hit my levels.

But it is important to be truthful, as truthful as I was about being wrong on tech -- we were supposed to be down huge; I heard, "Crash," and so did you.

I think the hedge funds are done. I think they did what they did to the market last year.

I think their margined selling almost destroyed this market.

Without them: this is what it looks like!

And if oil goes below $100, then you will see a wave of buying, not selling, into this market, except for the crushed oils, which -- alas -- will get crushed again because at $100, people will look for $80.

It is only after people say "$80" that the oils are right to be bought without worry. You can buy them now, but you must be worried about $100.

Again, where the heck is the crash? It's on the margin table, and the table is now empty.

Random musings: Schering-Plough (SGP - commentary - Cramer's Take) trades like there's another New York Times hit job on the horizon for Vytorin. ... Lehman (LEH - commentary - Cramer's Take) trades like there will be a deal this weekend. ... AIG (AIG - commentary - Cramer's Take) up after a horrible downgrade? Maybe they are doing the financing. ... Transocean (RIG - commentary - Cramer's Take) now up -- another heavily liquidated name...

At the time of publication, Cramer had no positions in the stocks mentioned.

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