Positives Have Trumped Negatives

Didn't see a lot of these moves coming. It's like suddenly the positives -- lower gasoline, massive refis -- have trumped the endless negative news for unemployment. That's how you get a Kohl's (KSS - commentary - Cramer's Take) or a Target (TGT - commentary - Cramer's Take) ripping and Bed Bath & Beyond (BBBY - commentary - Cramer's Take) rallying off of an earnings cut.

If you believe that rally, take some Macy's (M - commentary - Cramer's Take), but be ready for an awful November. Sales at stores are good for someone -- think Jones Apparel (JNY - commentary - Cramer's Take) and VF Corp (VFC - commentary - Cramer's Take).

Ironically, Amazon (AMZN - commentary - Cramer's Take) is running, and that's the definitive non-gasoline play, but it is the definitive bargain play, and people shop there like mad.

I correctly anticipated the return to the soft goods, but man did I ever misjudge the vitality of the tech sector. Maybe that is part and parcel with what Helene is saying about market breadth. You can get good breadth when you have tech on the team. It's almost like the biotechs are pulling the techs up, and that creates a rosy hue for PowerShares QQQ (QQQQ - commentary - Cramer's Take) buying, which then moves everything up. That might be why Research In Motion (RIMM - commentary - Cramer's Take) can rally, aside from the fact that everyone now believes the worst is over for them. I say let it bounce and let it go. If you like Research In Motion, go buy Apple (AAPL - commentary - Cramer's Take), although I would prefer to wait for one of those monster selloff days.

But the biggest surprise is Goldman Sachs (GS - commentary - Cramer's Take). Although I penned a piece about Goldman being able to make money even here -- although there is tremendous bond issuance -- it took a cyber-bank note to get the darned thing to ramp. Goldman's a big umbrella, capable of keeping the short-selling rain away, given that it has probably been the most voraciously shorted financial.

This all sounds like short-covering to me ahead of what the shorts may feel is good news overnight. This was my most feared situation for the bulls: a ramp into the bad troika setting up for a collapse later in the week when we will be overbought.

The mitigating factors include ADP data that is so negative that we have some feel for unemployment already and the fact that nobody believes in the European Central Bank's potential for helping us.

At the time of publication, Jim Cramer was long GS and VFC.

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