This Market Delivers the Good With the Bad

What a fabulous run! I just wish it had lasted for weeks, or even days, and not just one session. The greatest thing that this market has going for it is also its worst quality: There's tremendous opportunity, but you have to lose a lot of money to participate in it.

You could have made terrific money in Wal-Mart (WMT - commentary - Cramer's Take) and Boeing (BA - commentary - Cramer's Take) today, the two best-performing stocks in the Dow, but you would have been crushed in those stocks in the last three sessions. Verizon (VZ - commentary - Cramer's Take) had a great two-day move, but before that you had a sickening grind that just took your breath away.

Did I like this rally more than the other one-day wonders? Yes, because many of the stocks that rocketed were at 4%-plus yields, making it at least possible to take some pain. But now I feel that we have sucked the upside out of the darned thing.

Take Chevron (CVX - commentary - Cramer's Take). I have said over and over that this stock has become one of the best single trading stocks I have ever seen. Just monster good. You buy it when it yields 4%. But then when it has one of these rallies, you have to scale right out of it. At $80, up $8, you should be gone! Nothing happened to drive it up $8. Something did happen to drive it down to $72: the utter collapse of oil.

I know that when everyone says "sell the rallies," the rallies will last longer than they should. I just think the risk/reward shifts so fast that what was cheap in the morning is now what's dangerous at the close.

I am sticking by my Chevron style. You want to buy it from me up 10 from where I got it the other day, I will let you have that upside all you want.

The easy money has been made.

Random musings: Blown away that GM's (GM - commentary - Cramer's Take) GMAC is allowed in the commercial paper program. The government stressed over and over again that it would only be the highest-quality issuers. Oh well. It is like the TARP bailout for banks, supposed to be of the highest-quality but it looks like everyone gets in. They probably would have saved Washington Mutual with it!

At the time of publication, Cramer was long Chevron and Wal-Mart.

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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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