Today's the most confusing day I can recall in this market in weeks. Someone's wrong here. You can't have these retailers ripping and the banks in total chaos. Sure, the weather may lead to some good same-store sales numbers and maybe November is decent, but unless you have big rate cuts, you aren't going anywhere with this group.
You can't have the cyclicals like Cleveland-Cliffs
(CLF)
and Emerson
(EMR)
igniting when we are seeing the terrible weakness in the companies that finance growth.
Making it even harder, you have the Coke
(KO)
-a-MO
(MO)
contingent ramping, that's recessions, and Humana
(HUM)
rallying, again recession. (UnitedHealth
(UNH)
was up for a moment, but that's about all you ever get from that stock anymore). You've got Verizon
(VZ)
running up, but AT&T
(T)
going down!
Then you have the vicious and wrong overreaction to the Transocean
(RIG)
convertible, judging from the relative strength (even though they are down slightly) of the drillers to the price of crude.
This is just too unnerving for this guy.
Someone's wrong. I think the financials are too weak.
But then again, I am banking on a half-point cut from the Fed on Dec. 11, as are the buyers of the retailers and industrials. Obviously the sellers of the financials and buyers of the Coke-a-MO's expect less.
So maybe that's the real issue.
At the time of publication, Cramer was long Altria, UnitedHealth Group and Transocean.Jim 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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC.
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