It's

expiration week and already we are seeing some signs that it could be explosive. The number of

puts bought last week was monumental, setting us up for a possible rally as those people holding these puts bang them out to save capital.

The question is: Will Monday's

night-time buying carry over to Tuesday's morning session? The amount of buying after the close was extraordinary, as if people didn't have a chance to get in during market hours.

Frankly, I found the late buying confusing. Word had leaked out through my brokers that, because of the deletion of

Arco

(ARCO:Nasdaq) and the addition of

Altera

(ALTR) - Get Report

into the

S&P

there would be lots of stock to buy of S&P names at the bell.

But given that these were the same guys who

buried me alive in

Veritas

(VRTS) - Get Report

on the last addition, there was no way that I was going to pass that tidbit along.

But the after-the-close buying seems to hint at something bigger, perhaps a belief that so many people are positioned

short into expiration that we could have a real scramble if the earnings tomorrow are good.

Either way, we are looking at real fireworks and the longer we stay up here, the more likely those fireworks are to be to the long side.

Remember, a put bought can be used to buy stock against or it can just be sold. Either one is bullish.

Stay tuned.

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

jjcletters@thestreet.com.