Oil's Fall Cures All

The bears had so much to work with. They had the imminent departure of Fannie Mae (FNM - commentary - Cramer's Take) and Freddie Mac (FRE - commentary - Cramer's Take) on their plates. Does anyone seriously doubt that now?

They had the silent rollover of Washington Mutual (WM - commentary - Cramer's Take). Yeah, out of the corner of your eye you could see that, couldn't you? They sure tried to get you to focus on it.

You had the Anadigics (ANAD - commentary - Cramer's Take) collapse that was meant to wipe out the underpinnings of the tech rally because cell phones are integral to that group.

And you know that there had to be some follow-up to the Wal-Mart (WMT - commentary - Cramer's Take) collapse, at least some retail downgrades.

You also had that nasty Georgian thing. The hedge funds I talked to acted as if Putin's about to attack Alabama, too.

But it didn't matter. Not one bit. All that mattered was the crude oil future. That one number on your screen. That flashed red from the moment you came in to the moment you left and would still be going down if they didn't close the pits at a given time.

That's all that mattered. Nothing else. If you looked at the banks or the retailers or the autos or even the dollar -- I have a lot of funds that believe a strong dollar is bad -- you would have thought they would have cracked it.

Nope. Just the opposite.

The bulls now know what is necessary. And they will get it again until oil overshoots.

Which it hasn't yet. I see some profit-taking, some warlord somewhere causing problems, spiking the futures, and then the game starts all over again.

Someone asked me how long oil can go down earlier today. I said that I didn't think it could stop until it went down as much as natural gas did.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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