The Sentimental Market

Days like today make me wonder where have all the sellers gone? Last week you could not find a buyer for an energy company or an infrastructure play.

At one point I thought Transocean (RIG - commentary - Cramer's Take) was going to the low teens. There were no bidders underneath for anything Oil Service HOLDRs (OIH - commentary - Cramer's Take).

Not one. There were no takers for tech until the bad Cisco (CSCO - commentary - Cramer's Take) guidance, when out of nowhere, tech rallied. You couldn't sell anything without wrecking the stock even, if it were just a little amount. The shorts were all over everything that tried to lift.

Think of it, just last Thursday Wal-Mart (WMT - commentary - Cramer's Take) was trading at $47 on bad numbers. Now it is above where it issued the report. Exxon (XOM - commentary - Cramer's Take) shed 5 points in a heartbeat. Monsanto gave up 10 points.

The sellers have totally dried up. That's unnerving to me. When sellers can come and go like that, it means we are still not out of the woods.

The sellers take stocks down to levels that are absurd, then walk away; the stocks spring back up on short-covering and real buying until things get too enthusiastic and we get crushed again. This market is all sentiment and no substance, as nothing has really happened between the selloffs and the rallies.

I reiterate that as soon as we work off the oversold position and get overbought, it will happen all over again. Stay close to what Helene Meisler writes. She has her pulse on it. So does the S&P oscillator that I get. The one I pay for. Worth it 10 times over because it's the only compass for this tape that's working.

Random musings: I hope you read Vince Farrell today, he was super. I also hope you go to www.mainstreet.com, our newest and most fun site.

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

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