A Fulcrum Day for Options

We're nearing strike prices in a lot of stocks.
Author:
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This column was originally published on RealMoney on May 17 at 1:43 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Now we are starting to see appropriate pin action that makes me hopeful we may have found a level of equilibrium.

We have

Caterpillar

(CAT) - Get Report

at the strike. We have

Boeing

(BA) - Get Report

enough down from the strike that it can rally.

Altria's

(MO) - Get Report

getting to the strike.

Microsoft's

(MSFT) - Get Report

almost there.

Also really encouraging:

Exxon's

(XOM) - Get Report

at $60,

Chevron's

(CVX) - Get Report

flirting with $60,

Pfizer

(PFE) - Get Report

and

Citigroup

(C) - Get Report

are unlikely to go much below their strikes.

Merrill's

(MER)

there.

Fedex

(FDX) - Get Report

is there.

Pepsi's

(PEP) - Get Report

there.

Apple's

(AAPL) - Get Report

there, too.

Keep track of these. We could be there in a lot of stocks. Doesn't mean we can't overshoot, but it does mean that we are close to where we have to go on a lot of names.

Could we be down 200 and change today? Of course. But remember, again, it's fulcrum day for options -- they are calling the tune here.

At the time of publication, Cramer was long Microsoft

.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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