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.
at the strike. We have
enough down from the strike that it can rally.
getting to the strike.
Also really encouraging:
flirting with $60,
are unlikely to go much below their strikes.
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
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