This Market Is a Roving Rally

How badly do people want this market down? How much money is bet against this market? How negative are people?

For the last 1,000 points in the Dow, I have felt the same way: Everyone hates it, and it struggles to go higher and then gets hit and then it doesn't struggle and just gets propelled. Throughout this period, we heard the same litany: We have all of this good news, and no one cares. What a loser market. What a letdown. Over and over and over again.

I look at it differently. I say, Come on, look where this market's moved to. It was supposed to get hammered last week, and it didn't. It was supposed to be down 5% to 6%, and it went down half of that. We have repeatedly castigated this market for not reacting immediately to the good news parade, but it ultimately does react, and it reacts positively.

I look at this market as a roving rally.

Today, the oils are coming on, even at the expense of the transports. Today, the techs are breaking out, led by International Business Machines (IBM - commentary - Trade Now). Today, General Electric (GE - commentary - Trade Now) finally comes alive. Today, the minerals are on a roll. Procter & Gamble (PG - commentary - Trade Now), a total dog, is howling and on a roll today. Best Buy (BBY - commentary - Trade Now), a discretionary retailer, is breaking out.

I take solace that if you are long these groups or these important stocks, you sure aren't sensing market ennui. You are sensing profits.

At the time of publication, Cramer was long Procter & Gamble.

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