If Financials Couldn't Kill Us, Maybe We're OK

The financials weren't able to kill us. Think about it. National City (NCC - commentary - Cramer's Take) and Washington Mutual (WM - commentary - Cramer's Take), the worst of the majors, haven't been able to pull us down despite their tailspins. Nor have the sell-offs in Fannie (FNM - commentary - Cramer's Take) and Freddie (FRE - commentary - Cramer's Take) or Ambac (ABK - commentary - Cramer's Take) and MBIA (MBI - commentary - Cramer's Take); all of these would have cracked the market far more than they did. The action in Wachovia (WB - commentary - Cramer's Take) and Bank of America (BAC - commentary - Cramer's Take) is just awful.

You know how I feel about AIG (AIG - commentary - Cramer's Take): It isn't done going down. There's just nothing there worth trusting until Marty Sullivan gets the boot. You would think any one of these could take us down. And when Lehman (LEH - commentary - Cramer's Take) got cut in half in no time, you would have thought there would be more kickback.

In the end, though, despite these dramatic declines -- I left out Citigroup (C - commentary - Cramer's Take) because it didn't hit its 52-week low -- the market didn't go back to Bear Stearns levels, which says that the bottom we put in with that fiasco is HOLDING STRONG.

The inability to take out the low from Bear is a sign of strength in a firmament of weakness. It makes me believe the trading rally that Doug Kass has been calling for will continue next week.

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

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