We Need a Bid to Sell Into

Need that bid. Need something positive from Nasdaq or oil that provides solid bids.

Yesterday in a video I argued about the false predictive value of the futures, which have become the only thing driving this thin market.

With oil down -- although the nat gas stocks should benefit from the Chesapeake (CHK - commentary - Cramer's Take) sale -- we can't catch the support of the two key futures props, Exxon (XOM - commentary - Cramer's Take) and Chevron (CVX - commentary - Cramer's Take), which are the swing factor.

With the actual components of the Nasdaq deteriorating rapidly -- Google (GOOG - commentary - Cramer's Take) ads, although nothing new but continuing to "dawn" on people; Cisco (CSCO - commentary - Cramer's Take) -- poor outlook; Intel (INTC - commentary - Cramer's Take) glut a la Circuit City (CC - commentary - Cramer's Take); poor retail for Amazon (AMZN - commentary - Cramer's Take); so-so sales for Research In Motion (RIMM - commentary - Cramer's Take); consumer worries for Apple (AAPL - commentary - Cramer's Take)l all moronic SOX/semi-equipment stocks already upgraded -- that bid's vanished.

Of course, the real reason the bids have vanished is that periodically the futures bear some rationality to the underlying stocks in the basket and not just the sentiment, which is to be against the prevailing sentiment, because the underlying "positive" of this market is that everyone is so negative.

It is a vicious circle.

The inability of this market to get crushed, of course, is its worst enemy because until any hope that there's even an anti-hope sentiment is a loser. Without a total and complete discrediting of the Buffett gambit (which I divine to be that the short term, which encompasses anything from five days to five years, is irrelevant) and a revealing that the pain in his view is irrelevance to be borne -- despite the losses of which he is only a handful of people who can sustain them, as he is "the house" -- you can't get to a bottom. Or another words, like the solving of AIG (AIG - commentary - Cramer's Take) in September proves elusive because things have deteriorated massively since then, you can't get a bottom until the fundamentals at least come close to stabilizing, of which they are anything but.

Now, the next phase is to be buoyed by stimulus talk and a sense that this time we really have solved the financial stability conundrum because LIBOR's fine, which will allow the bid to reappear again regardless of the fundamentals.

We just have to hold out for it so we can sell higher.

That's the only ticket that's worth punching.

At the time of publication, Cramer was long Chevron and Cisco.

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