A Drop of Oil, A Hint of Optimism

Are they really going to rally this thing today? I know with the Dow that it's largely IBM (IBM - commentary - Trade Now) behind the decline, but General Electric (GE - commentary - Trade Now) and Bank of America (BAC - commentary - Trade Now) are GOOD reasons to sell. Those are excellent catalysts to bolt the market. They are that broad and that worrisome (although, as Doug Kass says, BAC is right to buy.)

Some of it, once again, is the turn in oil. It is just remarkable that oil won't quit and that a rally is always meant as a sign that the economy is better than you think. The oil cohort is benefitting from the Halliburton (HAL - commentary - Trade Now) quarterly results.

Maybe we need some more rumors that Boeing's (BA - commentary - Trade Now) latest plane is going to be late -- as we saw this morning. Boeing and Honeywell (HON - commentary - Trade Now) and United Technologies (UTX - commentary - Trade Now) -- all connected to aerospace -- are rallying.

I also love it when Union Pacific (UNP - commentary - Trade Now) goes higher, and if we get follow through from FedEx (FDX - commentary - Trade Now), often a tandem, then we might be able to put in a good finish,. I return though, to the notion that earnings should matter. And if they do, we should not, given Dow members IBM, BAC and GE's glaring disappointments, be perturbed in the least!

At the time of publication, Cramer was long BAC and HON.

---

Special note from Jim: You can learn my time-tested ways to trade smart, even in this market. All my latest thinking is in my brand new book, Getting Back to Even, which I'll send to you as part of a special promotion when you sign up for my ActionAlertsPlus.com service for a limited time. So if you sign up now, you'll get to see how I'm playing these stocks in my portfolio today, plus, I'll teach you how you can play these stocks to help your portfolio get back to even.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

At the time of publication, Cramer was long BAC and HON. Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.