Bulls Can Keep It Going

The bears have a brief moment here where they had better press their bet, because a turn like this matters to the psychology of the market. In an interview just now on CNBC, I was asked whether the rally is for real or not.

Let me say, point blank, that no rally is for real. You are either believing we could have a short squeeze or a failed short squeeze. Nothing else.

Witness that this rally started when you got a sense that GM (GM - commentary - Cramer's Take) won't have to file for bankruptcy after this month. I am being partly facetious, but you understand.

Now what matters is whether someone tomorrow will come out and make the same call we got on Lehman (LEH - commentary - Cramer's Take) today. Someone has to come out and say, "The selloff in financials is overdone, and the CIT (CIT - commentary - Cramer's Take) paradigm can work for others."

Put aside the notion that there isn't a real bottom. Put yourself in the shoes of someone who has been recommending these miserable financials. These people are capable of saying anything.

I think they'll say it tomorrow, and even if you HATE the market, you have to respect the ability of the bull to show his head now and then when the market is as oversold as it is.

Wait for higher prices to sell things unless you fear a preannouncement.

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

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