It doesn't want to go down any more.
That's what we were thinking after yesterday's attempt to crack the market but good. It has that feeling -- the feeling that says there is nothing big lurking here. There is nothing so frightening, so worrisome, so awful that this market is going to collapse from.
OK, so it doesn't want to go up either! But the action in a ton of groups is much more encouraging than I would have thought would be the case right about now. The rallies in the drugs and the retailers continued right through the difficult, choppy trading in yesterday's action. The enthusiasm for the Net and the semi-equipment stocks got even greater as the market rolled over and then mounted its comeback. That's impressive.
Now we learn that oil is done going up. The artificial tightness that the Saudis and the Venezuelans orchestrated is now finished. With that backdrop we could regain the transports as leaders. (Remember when everyone was writing off that group and saying how poorly that boded for the market?)
Whatever has to go right usually does.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at