Cramer: Of Course It's Bad Out There

This post appeared earlier today on RealMoney. Click here for a free trial, and enjoy incisive commentary all day, every day.

We are in the teeth of it now. You can see it. People are suddenly shocked that Citigroup (C Quote) and "even" JPMorgan (JPM Quote) could have big losses. ARE YOU KIDDING ME? Is anyone really shocked by that?

Looks like tech's not doing well and "even" KLA Tencor's (KLAC Quote) doing badly. Did anyone think that KLAC was having a good quarter? Even an OK one? Executives at Seagate (STX Quote) are dropping like flies. Why would anyone think that the cutthroat disk drive industry would be doing well? Are you nuts?

How about the oils? There was amazement yesterday about Transocean (RIG Quote) starting to see cancellations of projects. With oil at $37, are you going to rent a rig at $700,000 a day? It only took one cancellation of one rig to wreck the house-of-cards pricing in that industry. I had Anadarko's (APC Quote) Jim Hackett on last night; APC is the only natural gas producer I like given that so many are unhedged and many others need money. But I have little faith that the stock can stay up here given the pressure down on the group, pressure that brings all stocks down because of rampant ETF selling. There's no dividend support either, so it isn't happening.