Still in a Stalemate

Where did all of those bulls go? I mean, didn't the charts all look great? Hadn't we based? Weren't we supposed to go over the Dow 10,000 top -- instead of going over the top of the trench at the Somme and run smack into interlocking fields of fire?

The bulls, no doubt, will be back when things sober up. But until Intel (INTC - commentary - Cramer's Take) and Alcoa (AA - commentary - Cramer's Take), we saw stocks go up on bad news. That ended today. The rumor that we are going to have a less-than-expected unemployment number -- allowing us to believe the worst might be over -- ended today too, dashed by a new-fangled ADP number. My sources indicate we will have a monster bad number, but I have long since given up on that game.

Oh, and once again, need I remind you we cannot go up on oil alone; we need either financials or techs or health care/food to go up.

Nothing went up today.

Now, I know my friend Matt Horween has been telling me that the Wednesday before the week of expiration has become a bit of a trapdoor. That proved to be the case: I told you when we go above 5-plus on the oscillator, I am always a net seller, as I have been for AAPLUS.

And we now have more bulls than bears in the opinion polls. Alas, this is what you get, especially when the ProUltra bear oil and banks funds gang up on those easily manipulated sectors. (Oh no, that's back again and I don't think someone like Mary Schapiro, new SEC head, will understand the damage these do enough to reverse their approval.)

So, we get hit, maybe we get hit again. We recognize that we are still in stalemate mode. What happens next? We are wildly technically driven these days, so I believe the stocks stop short of taking out their bases and buyers come back.

But without leadership, it don't mean a thing. Intel and Alcoa really damaged us. We are not helped by Intuitive Surgical (ISRG - commentary - Cramer's Take) -- high-growth med tech -- after the close.

And the banks? They still don't have it, and the homebuilders joined them on the hit list today. Toll Brothers (TOL - commentary - Cramer's Take) gives it all up!

Random musings: If we get a $10,000 tax credit for buying a new home, then I can tell you there will be no bottom to housing and I will be wrong. Ten thousand dollars for buying a home is the win. Does Obama really not know that? Supply is the issue! We don't want more, which is what that new home credit would do! Stop this disaster!

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

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Know What You Own: Other medical appliances and services stocks include Medtronic (MDT - commentary - Cramer's Take), St. Jude Medical (STJ - commentary - Cramer's Take) and Zimmer (ZMH - commentary - Cramer's Take). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.

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