No rally can occur with the Nasdaq down so badly. That's the real tell, as I said earlier with Google (GOOG - commentary - Trade Now) and Apple (AAPL - commentary - Trade Now), of a lack of a market to advance. The strongest leaders are taking a breather.

Meanwhile the weakest former leaders -- Bank of America (BAC - commentary - Trade Now), Wells Fargo (WFC - commentary - Trade Now) and Goldman Sachs (GS - commentary - Trade Now) -- seem to have no fight in them, although PNC (PNC - commentary - Trade Now) and JPMorgan (JPM - commentary - Trade Now) are making stands.

And, close to home, my favorite apparel stock, VF Corp. (VFC - commentary - Trade Now), is just stinking up the joint today, as is Under Armour (UA - commentary - Trade Now) -- both gave outlooks contrary to what we would expect going into the holidays.

I think we are close to a whites-of-their-eyes moment with the bears. But let's just give them this session, let them overreach -- I don't think we are there yet -- and then we can do some buying unless some stocks, like VFC, are hammered beyond all recognition.

At the time of publication, Cramer was long Bank of America, Wells Fargo, Goldman Sachs, JPMorgan and VF Corp.

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