Editor's note: This is a bonus story from James Cramer, whose commentary usually appears only on
. We're offering it today to
readers. To read Jim's commentary every day, please click here for information about a free trial to
This selloff should be it. We should be in whoosh mode, with stocks like
in free fall, declining not because of earnings shortfalls, not because of weakness in business, but because they simply are up a lot, so who needs them?
The problem is that the same logic could be next for
Procter & Gamble
, the only two stocks that now are working.
We had 700 stocks hit a 52-week low on Friday vs. just a handful of highs. That's ridiculous, too. Things simply aren't that bad. Oil is showing signs of peaking. Gold's come down a lot. The
eventually will move.
With the S&P proprietary oscillator at -6.5, with the averages being pummeled, with virtually all stocks rolling over and with the number of bulls certainly set to decline to the low 40s on Chartcraft's
poll, you have to anticipate some sort of turn.
That's been costly -- no, that's been deadly. But we are now in waters we have seen only in 1987 and in 2001 post-cataclysm when it comes to the selloff.
Hard for me to believe that this market merits that level of derision.
At the time of publication, Cramer was long Ingersoll-Rand.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.
To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to
email@example.com. Listen to Cramer's RealMoney Radio show on your computer; just click
here to buy Cramer's latest book, "You Got Screwed!" Click
here to order Cramer's autobiography, "Confessions of a Street Addict."