Wait a second, something's making sense! Companies that have tons of debt on the balance sheet are going down! Could it be that the market is saying that when rates go up, companies that borrow a lot of money are going to get hurt?

I am not being facetious. The market seems like it is paying tacit recognition to the potential for higher borrowing costs. I am seeing the stocks of most banks and brokers trading off, as they "should" based on the action the


is likely to take.

Then again, the furious (but uninvested) bulls may just use this weakness to get in. Yes, there is that level of

desperation to get long out there. You can feel it.

Random musings:

Don't forget my chat rematch tonight with Bill Fleckenstein on Yahoo! at 5 p.m. Be sure to

register (it's free and easy)!

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