Ring That Bell!

It's looking kind of weak out there.
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We could use a bell right about now. The market is so exhausted from its roller-coaster ride that it just wants to collapse from exhaustion.

Hence the contrary signals the market is sending: a terrible advance/decline but a robust

Dow

and a fairly decent DOT. Most of these last few moves have been the results of small bursts of futures that carry the stock market up or down with them. There is so little conviction out there. Other than big buyers of

IBM

(IBM) - Get Report

and

Hewlett-Packard

(HWP)

-- I trust the latter more than the former -- I haven't heard of a large buyer or seller in the last hour.

So, now we play out the Big Bad Event scenario, an employment number that could rock the bonds. There is a contingent out there that says if the productivity number didn't hurt the bonds, nothing will. But I think the bonds are being hurt by some weird flight-to-quality action that I can't get my arms around.

One thing is for certain: We lost some leadership today:

Gap

(GPS) - Get Report

seems like a bit of history after that weak comp number. But a star has been born. I know I sold the stock when Stacy Pak, the aggressive young analyst at

Pru

downgraded it at 49, near its top. That's what I call Wall Street research at its best. Give that woman a raise!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Hewlett-Packard. 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.