Not All Banks Are Wells Fargo

I am not seeing it. I am not seeing the offerings at the ready, the deals the banks have to make right here to get things going.

I am only seeing that they are basking in the glory of a day up and a hope that they, too, can be Wells Fargo (WFC - commentary - Cramer's Take).

Understand that Wells Fargo isn't your typical bank. Not at all. It makes its money through taking product and selling it to customers.

It is not Northern Trust (NTRS - commentary - Cramer's Take) or State Street (STT - commentary - Cramer's Take) or Schwab (SCHW - commentary - Cramer's Take), which have far less exposure or none to mortgages.

But it does have other ways of making money, and its CEO never liked CDOs, so it wasn't as hostage to ratings downgrades as the other guys.

They are the aberration. Period. That's why this gain, the biggest in one day, could lead to one or two more days, and then we will be stuck looking at capital-bleeding situations.

To be sure, when the SEC is the lead story -- attacking short-sellers -- you know that you can get a rally or even a couple of days' rally.

I am simply alerting you to the real situation -- one that can be positive again if JPMorgan Chase (JPM - commentary - Cramer's Take) says good things.

Otherwise, we will soon forget the newly vigilant SEC, and it will start all over again.

Random musings: eBay (EBAY - commentary - Cramer's Take) just can't put it together. Annoying. I guess it is only Google (GOOG - commentary - Cramer's Take) that can, and I reiterate that I am sticking my neck out and saying buy calls on GOOG.

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

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