Market Hitting a Technical Floor

The technicals are kicking in. The market's having a hard time going down, simply because people want to hold back and see what Obama says, and because it's difficult to bang stocks lower for now if you might be selling a Home Depot (HD - commentary - Cramer's Take), where things aren't that awful, or a ConocoPhillips (COP - commentary - Cramer's Take), where the dividend has gotten too large. This is the AT&T (T - commentary - Cramer's Take)/Verizon (VZ - commentary - Cramer's Take)VZ conundrum: They held here last time, maybe they can hold here this time.

It is also the triage component: Morgan Stanley (MS - commentary - Cramer's Take), Goldman Sachs (GS - commentary - Cramer's Take), Visa (V - commentary - Cramer's Take) and MasterCard (MA - commentary - Cramer's Take) are your chosen winners in finance. Pepsi (PEP - commentary - Cramer's Take), General Mills (GIS - commentary - Cramer's Take) and Coca-Cola (KO - commentary - Cramer's Take) are too late to sell.

And we are also at a moment when people feel that some stocks are just oversold: Johnson & Johnson (JNJ - commentary - Cramer's Take), Qualcomm (QCOM - commentary - Cramer's Take), Abbot Laboratories (ABT - commentary - Cramer's Take).

Whatever, it is driven by the absence of selling, and it's working and can continue to work, as Helene Meisler's work shows.

At the time of publication, Cramer was long ABT, COP, GIS, GS, JNJ, MS, PEP and QCOM.

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