No Holiday Joy for Bulls

Tough to rally here.

There is a consistent seller of the futures every time the market tries to rally. The longs have vanished. The only stocks on my screen that are up are, well, one, Toyota Motor (TM - commentary - Cramer's Take), which has become the single must-own stock of this latter part of the year. Oh yeah, and Diageo (DEO - commentary - Cramer's Take).

What do those have in common?

Pretty simple. They are not American stocks.

Even the stocks with good news aren't rallying. I think that News Corp. (NWS - commentary - Cramer's Take) is about to embark on a giant buyback, but nobody seems to care. An upgrade of Google (GOOG - commentary - Cramer's Take) can hold it up. The bears have crushed Research In Motion (RIMM - commentary - Cramer's Take), even though the story remains as good as it was this morning.

It would be great to think that there will be a cavalry later today. But the futures sellers aren't going to let that happen.

Nasty day so far.

At the time of publication, Cramer was long Toyota, Diageo and News Corp.

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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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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.

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