Some Steadiness Amid the Wreckage

Why isn't the market going down more? Technicals: down a lot last week, oversold, and too many bears. Right now, the "sentimenters" are winning the war vs. the fundamentalists. And I think it holds.

It's a very hard time for those who are rational: bond insurers in denial, Best Buy (BBY - commentary - Cramer's Take) being forward, that Nvidia (NVDA - commentary - Cramer's Take) call ringing true, the Cisco (CSCO - commentary - Cramer's Take) warning -- and it was a warning.

But people have made their sales, at least the big money has. I think the losses stay contained.

That may not be much solace if you own a Wachovia (WB - commentary - Cramer's Take) or a Bank of America (BAC - commentary - Cramer's Take), but it can explain the relative strength of the Altrias (MO - commentary - Cramer's Take) and the Hewlett-Packards (HPQ - commentary - Cramer's Take).

Random musings: Only three more number cuts to go and it will be safe to own Goldman Sachs (GS - commentary - Cramer's Take)!

At the time of publication, Cramer was long Altria, Goldman Sachs and Hewlett-Packard.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

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. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.