A Pause, Nothing More

We've got a real hated market going here. The only stocks that seem to have any strength are heavily shorted ones. It doesn't seem to matter whether things are better than expected unless it is heavily shorted like AIG (AIG - commentary - Trade Now) or MBIA (MBI - commentary - Trade Now) or Hartford (HIG - commentary - Trade Now).

Sure, there's some life in some down-and-out retailers -- as there should be. Just think back to how down and out Macy's (M - commentary - Trade Now) or JC Penney (JCP - commentary - Trade Now) were, so it makes sense that we could have some good news there that people react well to. Why not buy Gap (GPS - commentary - Trade Now) for the 40th time -- this one, by the way, predicted fabulously by Barclays the other day. Good work, Jeff Black!

But in the end, the market is just hated, and we have both tech (through Cisco (CSCO - commentary - Trade Now)) and oil (through the nat gas and oil futures) giving the bears what they need. Plus, most of my friends are all-in short. They are short and loud.

Sorry, I am still not buying it. Gentle declines? Rotating declines? Yes.

But nothing more. Nothing more.

At the time of publication, Cramer was long Cisco.

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