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You wait. No matter what, you wait. You wait for them to send it down again. But then you get in there before the big shorts, who must cover, come in.

You saw

what it was like Wednesday when everyone wanted in at the same time. The market is no less oversold today.

Of course,

oil matters. And if oil stays up, you could argue that we have to go back to that dreaded afternoon level -- the 200-day moving average of the

S&P 500


But the big-boy shorts showed their weakness Wednesday. They know there's not much supply down here, not a lot of big orders being worked to get rid of stocks. There was nothing out there on the books to grab. You can't force the futures down and then buy them down -- heaven knows I've tried that gambit in my former life as a hedge-fund trader.

Still, you wait. Straight up is bad; that means the up move was pure squeeze. Doing nothing is bad; that means we have no catalyst and eventually will head back down when the oversold condition is worked off. In fact, we are in an anomalous posture: The only good course is to go down, but not down so far that you don't get in.

I know -- it's counterintuitive. That's why

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the market is so darned hard.

Bulls want it lower; bears want it higher.

Go figure.

James J. Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.

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