The Proverbial Pullback May Not Come

Maybe there was too much broken-field running at the end of the day, where some stocks just gave it up after what I took as sheer exhaustion from going up too much too fast.

Still, the declines were minor. Some of the strongest stocks remain nicely above their strikes: 3M (MMM - commentary - Cramer's Take) and Boeing (BA - commentary - Cramer's Take) to name two. Even Microsoft (MSFT - commentary - Cramer's Take) has strength, usually hanging out right at $30, but today flirting with $31 all day.

And how about the Oil Service HOLDRs (OIH - commentary - Cramer's Take)? Remember when the bears used to raid that index every Thursday before expiration?

No more. Strongest group in the show.

Sure, we are due for a pullback. But remember, we have rolling rotational pullbacks in this market all of the time.

We had one in the banks not that long ago. We had one in retail these last few weeks. There was a pullback in aerospace.

We had a minor pullback in Agco (AG - commentary - Cramer's Take) after that stinko Archer Daniels Midland (ADM - commentary - Cramer's Take) quarter. We experienced a glancing-blow pullback after Applied Materials (AMAT - commentary - Cramer's Take).

I know many managers who are waiting for the proverbial 5%-8% pullback to get in.

I just don't see it. Too much money wants in.

And just wait to see what happens when the Fed inevitably cuts!

Random musings: I really, really like that Kohl's (KSS - commentary - Cramer's Take) number.

At the time of publication, Cramer had no positions in 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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