RealMoney Radio Recap: Energized Ahead of the Fed

The current market situation has everyone on pins and needles, said Aaron Task on Jim Cramer's "RealMoney" radio show Monday. Task, co-executive editor of TheStreet.com, will be filling in for Cramer this week.

In fact, the volatility of the marketplace brings one particular word to mind: schizophrenia, Task said, referring back to Cramer's May 24 show. On that broadcast, Cramer had used the word to describe the sense of unpredictability that reigned in the market.

The one common denominator in the shifting of the market is the Federal Reserve, Cramer had said. Whenever there is strength in the economy, people become petrified that rates will increase, and weakness makes people happy, he had said.

During his trading life, Cramer said he had never seen such a short supply of copper. China has a huge demand for copper, and the Fed is quelling the commodity's demand, he had said on the May show.

This is killing business activity because of concerns of what the Fed might do.

It's all about Ben Bernanke and the Federal Reserve this week, Task said, adding that it is more than likely going to raise rates for the 17th straight time.

Today new-home sales were higher than expected, which in turn caused dread that this might cause the Fed to tighten rates by 25 basis points, or even take a big step and tighten them by 50 basis points, instead of making incremental rate hikes, Task said.

This is the opposite setup market players had heading to the last Fed meeting on May 10, when people thought the Fed was finished raising the rates.

Oil Stall

Oil, the main generator of energy on the planet, has the power to swing the market, said Task.