Cramer's Wall St. Confidential: Shorts Squeezed

It also has nothing to do with anything that happened in the S&P, "other than the fact that the shorts were using the S&P to create the negativity and then continued to press it," Cramer said.

Cramer said if he were working at his hedge fund now, he would "be gunning every single short position as hard as possible." He said he wants to be buying "out-of-the-money calls" wherever the shorts are operating to pressure their positions.

"Get the story out that these stocks are better than expected," Cramer advised. "Influence analysts to upgrade or push and then watch the shorts just get crushed."

On a separate note, Cramer called Valero's (VLO Quote) upgrade a "desperate" move by analysts who know the stock tends to bottom around $48 because its buyback gets very strong below $50.

If people really want to believe in the Valero story, Cramer urged them to buy ConocoPhillips (COP Quote) because it has 20% refining margins, which Conoco has preannounced.