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Jim Cramer said that in the first couple of hours of trading on Friday, people who owned stocks and didn't count on a rate cut sold those stocks.

That lasted until about 1 p.m. EDT, when the last of the brokers called their clients and said they had to put up some money for stocks like Sears (SHLD - Get Report), which Cramer owns for Action Alerts PLUS , or MasterCard (MA - Get Report). "Those all rallied at the end," Cramer said on TV's Wall St. Confidential Web video Monday.

Taking the NYSE Euronext (NYX), which he also owns for his charitable trust, as an example, Cramer said people who owned its August $70 call pretty much figured they'd be wiped out. However, in the last 45 minutes "the stock exploded upward," he said.

"I think if you owned that call, you would come in this morning and you would own common stock because you would exercise it," Cramer said. "You may not have sold common against it, perhaps because the whole ramp was too quick for you.

"So you come in and figure 'OK, I will take an early-morning look at how the NYSE stock is doing. If it opens up, I will sell it, if it opens flat I'll sell it no matter what, because I have to put up a lot of capital.'"
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