This Market and the Bulls Who Love It

Cramer's also feeling emboldened by those who doubted Cisco's great quarter.
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What's not to like? The auction looks good. The market's oversold. The Cisco (CSCO) - Get Report call was great. Even the loathsome Net feels good. Even the bad ones! So we can rally.

Right now it looks like my "what can go right"

gauntlet may be paying off. We have come down so far so fast that even the chartists think we have a right shoulder coming.

What I really like about this tape, though was that bogus attempt to get the market down on a

Greenspan

resignation. Whenever I hear that kind of garbage, I know that someone is making a real negative bet and has to lie, cheat, fib, pass on, gossip and ultimately attempt to torpedo the market unnaturally. When raids like that fail -- meaning when they are discovered and found to be fraudulent -- you have trapped shorts who will do anything to cover. Ahhh, a squeeze.

The bears got

nothing good from that 10-year, and they could derive no comfort from the

Beige Book

. That could make life tough for the major ursines.

What truly emboldens me, however, was the hate mail I got about the Cisco quarter. A dozen people emailed me and told me that I did not know what I was talking about and that Cisco's quarter was a mediocre one.

Hah! We follow Cisco the way a good scientist follows a microbe. We have it under the highest force microscope imaginable. We saw nary an electron that was astray here. Nothing. We looked and looked and looked. And then we looked again. Each of us, including Jeff, poolside, but with his Cisco Rolodex.

The conclusion? People are too short, and I don't mean the Randy Newman kind. They are making too many bets against quality names like Cisco.

Those bets will fail.

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