This column was originally published on RealMoney on May 31 at 11:09 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Looks like oil's going higher and lower at the same time! Looks like people are willing to believe that everything's good. Oh, how ridiculous that is, but you take it where you can get it.

You know my feeling: Oil's going higher. Play that card. Our policy with Iran is a joke; you know that there's no way we are going to have a deal with those warmongers who play out of the German playbook circa 1939.Still, it sure is sweet to see tech rally and transports rally and the drillers rally and retail rally. That's a sign of strong buying in the

S&P 500

,

no doubt because of the technicals.

I think people feel we are getting a do-over.

GM

(GM) - Get Report

says, "Don't worry about high fuel prices for cars."

Wal-Mart

(WMT) - Get Report

has everyone down for a big pow-wow on Friday that could mitigate the sting of last month's numbers.

No wonder we rally hard. Don't be greedy. The propensity of this market

not

to put together a streak

must

be respected.

You can scale out small now, keep a lot on your position sheets, but remember that we may not be done retesting that awful level, that S&P low.

Random musings:

The action in

Mitsubishi UFJ Financial

(MTU)

tells me it is Japan's turn to bounce tonight. ... I should be furious at the Deutsche Bank downgrade of

Ingersoll Rand

(IR) - Get Report

because of alleged strength. Instead, I am just using it to buy for

Action Alerts PLUS.

At the time of publication, Cramer was long Mitsubishi UFJ Financial and Ingersoll Rand.

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