SQUEEZE!!

That's how it is. The negativity indicator was so high yesterday that you could feel

Buzz and Batch

capitulating. This type of behavior always gets punctuated by days like today.

Understand the interaction between

retail sales and the tape today. The problem with the market is that the consumer is spending too much money.

Until the consumer cools, the

Fed

will keep tightening. Once the consumer stops spending, the Fed goes on vacation. If the Fed goes on vacation, we will not have a recession. If we do not have a recession, we will continue to have capital spending. If we continue to have capital spending then the earnings of The Stocks Everybody Loves, or TSEL, won't go down. If the earnings don't go down, then we might be able to justify paying higher prices for stocks.

And that's why we are up today.

Random musings:

Maria Bartiromo

, more powerful than ever, just bulled

Qualcomm

(QCOM) - Get Report

using notes from

BancAmerica

. Why is this important.? Because there had been some bogus bear story out there all morning that BancAmerica was supposedly going out with. That's been squashed (see first word in this column).

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

jjcletters@thestreet.com.