This is a "not much to work with" day. We have lots of spent stocks -- the ag trade seems spent today, the oil trade seems spent and the tech trade seems long in the tooth. I would not be surprised, in the latter case, to see Cisco
(CSCO)
retreat back to where it was before the big squeeze. And, yes, it is clear that the tech move was just a squeeze with no fundies behind it.
In fact, this is a frontsie-backsie day, where horrible stocks like Glaxo
(GSK)
-- thanks, Warren! -- and UnitedHealth
(UNH)
are rallying, and even the dreaded NYSE Euronext
(NYX)
is going higher.
I look at today as a respite day, a day when the options gremlins knock some things down, but nothing major.
Just a waste of a good trading day.
At the time of publication, Cramer was long NYSE Euronext and UnitedHealth.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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