A Market Without Fear Is Scary

Tiresome. That's how I have to describe this lackluster, desultory trading into the late afternoon that rarely seems to bring a rally unless we are already up a lot.

That's because people no longer fear the possibility of takeovers. Not after the Clear Channel (CCU - commentary - Cramer's Take) deal fell apart. When you think of the monumental nature of the failure of that deal to close, you have to expect that the only deals you will get are of the cash variety and fill-in at best. (This Diebold (DBD - commentary - Cramer's Take) / United Technologies (UTX - commentary - Cramer's Take) news).

Without fear, you get no covering. Without short-covering, there's no motivation.

And there is a motivation to bang down things with alacrity. Why not? Companies can't defend themselves in the last half-hour.

I expect no reprieve today.

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

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