Cramer: Why the Market's Holding Its Ground

This column was originally published on RealMoney on March 18 at 3:58 p.m. ET. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

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With analysts believing that crummy undocumented loan problems have already seeped into less-crummy loans, with the bears contending that inflation is raging, with everybody arguing that the Fed is boxed in, the question isn't how far the market's going to go down, but why it hasn't cracked already.

Isn't that the real question? What's with the market anyway? Doesn't it know that it is supposed to go down, either in the form of a series of down-100-to-200 days or in a straight line as it did in 1987, or 1997, or 1998 or 2001? What gives? ...