Stakes Couldn't Be Higher Ahead of the Fed

Why don't we just ratchet the stakes so high that no matter what happens tomorrow, we get a selloff? That's what's been happening today, compounded by yesterday's action and the marking-up that is going on a few days before the end of the month.

It is amazing to me, for example, how much we could go down now even with 50 basis points, because there are now so many people who believe it's now unnecessary given the great action in the financials. That's classic -- the financials are only going up BECAUSE of the prospective rate cut. Otherwise, Countrywide (CFC - commentary - Cramer's Take) would have sent things down horribly.

Cramer: Banks Need a Fed Cut to Survive

When you look back at 1990, you got your first big run when the market sensed big rate cuts -- that's the down 50% buy'em story I told about my stress index.

Now we get the rest as the Fed cuts more, but we are "too baked in" right now for my liking.

I am not buying anything here for now because I sense that we could get a better moment tomorrow.

If I don't, I have enough, having bought enough when things were in free fall.

Random musings: A couple that are trying to bottom here that I think will: Schering-Plough (SGP - commentary - Cramer's Take) and EMC (EMC - commentary - Cramer's Take). SGP is all about no Vytorin sales ever again. It has given up 15 points. EMC is now selling at the lowest multiple I can recall EVER after VMware (VMW - commentary - Cramer's Take) blew up. It can't stay that way. ... Oils seemed to not know the weakness that everyone keeps talking about. ConocoPhillips (COP - commentary - Cramer's Take) goes higher off a refinery forecast, as that has been the only weakness. ... As I said, Ryland (RYL - commentary - Cramer's Take) is the best homebuilder, and the only one that has seen a definitive uptick. They deserve to be bought if the Fed does the wrong thing tomorrow.

At the time of publication, Cramer was long ConocoPhillips, Schering and EMC.

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