What Are the Oil Bears Banking On?

Calling all oil bears. Calling all gold bears? Where are you? Now you are banking on the right shoulder, the technical right shoulder? Is that the hope?

Once again, nothing is coming up right for the oil bears. Given that we are in the spring shoulder, natural gas should be plummeting. It isn't going down -- not at all.

We have been disturbance-free from Venezuela and Iran, and the Iraqi fields haven't been threatened. Supply's not interrupted. What a great time to crack us down to $90.

Not only that, but we have a glut in ethanol. If that mattered, wouldn't oil be down? Nah. None of the bears can come to grips with that.

Meanwhile, coal gets upgraded -- Consol (CNX - commentary - Cramer's Take)! -- from Goldman even as we know from Jim Hackett, the great CEO of Anadarko (APC - commentary - Cramer's Take), that there are coal plants being canceled.

Once again the money is going to flow back into this group, no doubt aided by markups. Unlike most stocks that have been marked up, I would NOT take profits in this group, as the decline has been distorted by shorts who have had a great time, a field day, jamming stocks down without upticks and distorting the decline when oil flirted in 1999.

Random musings: Yes, I would short Citigroup (C - commentary - Cramer's Take). ... Yes, given the overbought nature of the market, I would be taking some off the table. I was surprised how quickly the market became overbought. Please be careful.

At the time of publication, Cramer was long Goldman Sachs.

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