A Hard Day's Night

Disappointing? I don't know. Sure, Apple (AAPL - commentary - Trade Now) should have had legs. As should Texas Instruments (TXN - commentary - Trade Now). Maybe Sandisk (SNDK - commentary - Trade Now) will tonight, with what looks to be pretty exciting numbers. Sandisk is a key member of the Mobile Internet Tsunami league that people are still not grasping, although I obviously talk and write myself blue about it.

We try to make definitive judgments about a session like this and we come up grasping at straws. Why didn't Caterpillar (CAT - commentary - Trade Now) move more stocks? Why did Apple not ignite the tech rally? Was it Galleon that was selling? Did Galleon have leveraged positions in tech? How about this for a theory: "everyone" spoke to Galleon, so many managers were raising cash in case they were named next and the stocks they own happen to be similar? Or, if you were a hedge fund manager who knew the reach of Raj, why not short all of tech and bet that the next indictments will really bring the house down? I like that theory.

Either way, some disturbing trends won't disappear: bad regional banks with bad loans -- some, but not all; oil going higher is all-important to the overall market; Boeing (BA - commentary - Trade Now) can't make the !@#($*&! Dreamliner. And some new ones: the out-of-left-field Brazilian tax and the slowdown in medical devices, as witnessed by the extremely disappointing Boston Scientific (BSX - commentary - Trade Now) and the dreadful Stryker (SYK - commentary - Trade Now).

Crummy day.

Shouldn't have been better.

At the time of publication, Cramer held no positions in the stocks mentioned.

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At the time of publication, Cramer held no positions in the stocks mentioned.

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