This Market's Beyond the Fundamentals

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Boy, it's tough to find something to like here.

It's tough to even find a thesis.

The litany seems worse than ever: autos falling apart, oil perhaps peaking, volume drying up, mergers falling apart, credit losses back again, lay-offs rising.

To which I say, of course. No kidding. We had a big run up, and when we got there things turned for the worse, not for the better. When that happens you can't fall back on the fundamentals, which are bad and have been bad for what seems like ages, but instead have to fall back on things like the oscillator and the bull/bear ratio. We got very overbought and we lost a lot of bears on that assault on 13,000, and we saw financials, techs, oils, utilities and industrials go for a ride. In the end, even retail had a romp.

Now all of that has to get repealed, even energy for a bit because this last spike to $130 and change was too much too fast even if we ultimately get to this level not far down the road.

I think that until we get to some level that is significantly negative on the oscillator and lose a lot of bulls it doesn't even matter what you buy, you can buy Chevron (CVX - commentary - Cramer's Take) and Exxon (XOM - commentary - Cramer's Take), or you can buy Citigroup (C - commentary - Cramer's Take) and Wachovia (WB - commentary - Cramer's Take), you are not going to make any money. And you can lose some.

It's so dicey that only the tobaccos and a couple of the packaged goods stories may hold up. So why even bother.

In other words, it is just the usual end-of-the-world story. Let it play out, until it doesn't, and at lower levels the bargains will be back.

Random musings: Oil is easy at this point. People are either going to change their behaviors and the inventories worldwide will build -- its been made difficult by the Iranian hoarding -- or they won't and gasoline goes to $6.

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

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