Bears Look Bamboozled

Maybe the bears are off their game. They have the SAP (SAP - commentary - Cramer's Take) and AMD (AMD - commentary - Cramer's Take) ammo and they can't get anything going to the downside. How about the fact that the Morgan Stanley High Tech index (MSH) has been up most of the day?

Away from tech, the 10% of the S&P 500 that is oil -- now important enough to help the market when it rallies -- is holding in much higher than can be expected, given where crude is. The Oil Service HOLDRs (OIH - commentary - Cramer's Take) is 10 points too high, to use the analogue to the 2005 levels that we're in now.

The weakness is contained to the poor performers that preannounced and their immediate brethren plus soft-goods companies Coke (KO - commentary - Cramer's Take) and Altria (MO - commentary - Cramer's Take), both of which I'd buy.

Benignly positive session. The bears must simply have had their heads beaten in and are doing nothing here.

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At the time of publication, Cramer was long Altria.

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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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