Where We're at Today

You can't keep going down on the same information.

The brokerage cuts we got this morning are no different from the ones Merrill has given us. The Sears (SHLD - commentary - Cramer's Take) earnings are actually better than the preannouncement, although housing-related entities are still awful.

Meanwhile, viability questions remain. Thornburg (TMA - commentary - Cramer's Take) goes up on something that it shouldn't go up on -- a convertible preferred that jams the common. Ford did that and people got fooled there, too.

It is important to recognize that TMA's inability to go to the window even as it needs it more than others is behind this miserable piece of paper.

H&R Block (HRB - commentary - Cramer's Take) should be down much more; there is nothing there to support that unit that could kill it. (Think CIT when it tried to close its mortgage unit, the stuff is just an infestation wherever it might be.)

I spent the night looking at Bank of New York and I believe it is on the hook for much more than people realize. Does anyone really think that Deep River from Knight is going to let that company get off without more problems?

I reiterate that the hedge fund/AAA complex is deadly. I reiterate that all assurances from the State Street crowd are not going to work from these levels. I heard all of this stuff in 1990 and it didn't matter one whit until we saw mergers that saved situations and we haven't had any of those yet.

Meanwhile tech, oil, infrastructure, ag, and export continue to act as if all is well, which is why we aren't down 250. Typically the futures are so powerful that this stuff gets crushed, too.

It is early though. But as we have seen time and again it is hard to take down a market that has oil, the leader, acting just fine, thank you.

Random musing: Tech is really really right here seasonally and you are seeing that today.

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At the time of publication, Cramer was long Sears.

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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