Still can't rule out a ramp. But I am seeing market makers bringing in some of the


1425 calls that I understand to be short. Just so we are clear on this, the odds favor that market makers, who control the option books for the SPX, which is now at 1409, are still short the calls on this contract.

This morning there were 14,500 contracts with open interest (you can presume that market makers are short most of that as they sell these out-of-the-money jobbies naked all of the time) and very few of them have been brought in, as of this writing.

To get a panic blow-off to the upside, you would have to see a serious ramp in the next 45 minutes which would catch these short-sellers with no protection from a squeeze.. Can it be ruled out? No, but as the clock ticks, it gets less likely that the SPX can move up fast enough to pressure these short-sellers. (Remember the SPX call expire in the morning.)

For you newbies, all you need to know is this: There could still be a ramp, but we are racing the clock at this point. For you black helicopter types, I am neither short nor long SPX calls or futures. I am just a sidelined, but incredibly interested, observer.

James J. Cramer is manager of a hedge fund and co-founder of 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