Look Out Above

Oh man, the bears have to be worried. A good close on a bad opening is as horrid for them as a bad close on a strong opening is for the bulls.

Plus, the chatter around a possible CVRD (RIO - commentary - Cramer's Take) bid for Alcan (AL - commentary - Cramer's Take) -- and I believe it -- is dreadful for the shorts. It's been a free-fire zone for a while; suddenly, it isn't. Look out above.

To me, it's business as usual. If you bought some stuff all the way down, you sell a little to make room for more if they trash it tomorrow. But don't sell it all, because if Europe opens up tomorrow you'll never get back in at prices that are palatable.

There are a couple of interesting takeaways from this session. We had a lot of broken-field running action with divergences within sectors; that's unusual. We also had a market that gave you some rebounds in infrastructure names and cyclical stocks that I didn't anticipate.

It was disorderly in that respect.

But in the end, the story will be that it was down huge and came back, and that's probably a decent epitaph ... for now.

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

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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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