The Futures Are In Control Once Again

When the futures are up in bad news, we immediately get some ridiculous explanation for why they are up. We have one after the employment number: rate cuts.

But given that our rate cuts no longer matter as much as the rate cuts of others, and given that housing is the issue (along with employment), the futures rally is just another fatuous manipulation of the market either by hedge funds fending off redemptions, or the same clowns who moved up the futures endlessly in the face of the fundamentals in the 10 days leading up to the election.

Sure we can bounce. We just had the worst two days since 1987.

But what do we bounce with? The same stuff that just disappointed? Do we bounce with "cheap" stocks that I will talk about later?

Maybe we bounce with the S&P but not the individual stocks -- a facetious way of once again letting the tail wag the dog, which is quite evident as a daily occurrence?

Here's some truth: Unemployment isn't at double digits yet, so there is something to cheer about in the face of what looks to be an imminent cash crisis of the autos.

Here's some more truth: Just as there was a relief rally after the big Bank of America (BAC - commentary - Cramer's Take) deal and after the big GE (GE - commentary - Cramer's Take) deal, there can be a relief rally after the Wells Fargo (WFC - commentary - Cramer's Take) deal.

The relief rally will last until the futures buyers can't sustain it or until whatever they wanted to accomplish has been accomplished.

One thing that the relief rally will not be based on: the fundamentals.

They deserve S&P 800, not S&P 900.

At the time of publication, Cramer was long GE.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

Jim Cramer is co-founder and chairman 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.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.