Cramer Sees a Crescendo

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Okay, so maybe the rally started a little too early. Maybe it doesn't include the drugs. But anybody who felt the pain and the give-up of the Internet stocks this morning has to agree that a crescendo occurred.

Look, we all know that this market can cut our hearts out in a second. But I am heartened that good news at company meetings like those hosted by

PaineWebber

and good news from orders to be placed for telco equipment from

Sprint

(FON)

did translate into higher prices. In true bear markets you don't even get that kind of lift.

What other clues am I looking for? Frankly, if techs are to rally, I don't want to see the utilities or bonds go up in value for a little while. That spooky move in the utes can be interpreted positively for the rest of the market provided they stop going up. Any more big moves like yesterday's and I don't care that it is just a handful of stocks. It would be signaling a recession.

Right now I know if the market goes out on a high note like this and

Mark Haines

asks me what I think, I would have to say we met the crescendo test and plenty of good stocks have gotten clocked, so it's okay to, uh oh, average down on the stocks that I like and get started on a couple of new ones.

Bullish? No, but confident about the stuff I am buying. Seems like the sellers have exhausted themselves for now.

Oddly, my wife is more bullish than I am. She was practically urging me to buy stocks when the market was down 40. "What are you waiting for, you have to get started somewhere," she said.

She even bought a little stock for her mom. (Neither Karen nor I have personal accounts, as we think that's a conflict with our fund. Seems stringent, but you can't trade against your partners!)

Ron Insana's

telling it like it is right now. He's dead right that the averages haven't been able to ramp back up. But heck, that's okay. It's not the averages that have the problems. It's the stuff that's going up that has been trashed.

Fine with me.

Finally, that sell program that hit the market late isn't a concern. We need more pain. We need more frustration. We need more fear. We don't have enough yet.

* * * * *

Random musings:

Get ready for a new kind of television. I am scheduled to be on TV Sunday morning on

ABC

at 9:30 a.m. Could be different.

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. 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 welcomes your feedback, emailed to

letters@thestreet.com.