OK, that's more like it.
Whoever didn't read Janet Yellen to mean "rate hike back on the table in September" is now selling and the first feint was a total fake-out. That's what happens. You can't have everything up. That made no sense.
But should everything be down?
That's equally as wrong. However, it is Friday. We were conditioned last year to say that once we started going down on a Friday, there was no recovering. Let Stanley Fischer's comments that imply no one and done -- he is the heavy here -- reverberate.
What's your hurry? If you miss this move, so be it.
But let's look at the landscape. That dollar move down had to be phony with a rate hike in front of us. Interest rates going down was equally phony.
A fake-out of this magnitude breeds a real selloff, as people who bought sell and then people who wish they had sold into the rally are happy to sell down here.
It's playing out much more on plan than when we had the opening, where everything was rosy.
Just wait until everything's overdone.
But, seriously, how could anyone be surprised other than the jokers who bought everything at the beginning of the day?
I think Fischer was wrong to tell Steve Liesman from CNBC that we should be prepared for more hikes, because what happened to data dependency?
But he perceives that as his job. So we suffer, let it come down, and then look at the landscape.
Unfortunate for the bulls, for certain.
Editor's Note: This article was originally published on Real Money at 12:33 p.m. on Aug. 26.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.