How much of last week's action was pure options shenanigans? The up 200 points? The crash down 200? The oil service index blowing up despite oil staying high and natural gas having its first significant rally in weeks? The Nasdaq getting pummeled despite good news from Apple ( AAPL), Microsoft ( MSFT), Google ( GOOG) and Amgen ( AMGN)?

I believe we always misjudge the power of expiration, the need to have indices finish at levels that generate the maximum profits for those who play in the index option world. There's so much pressure from the indices themselves that they can accentuate pretty much any decline.

I point this out, because, all in all, last week simply wasn't that bad a week for earnings reports. We got a bad number from Ford ( F), for certain. Intel ( INTC) said bad things, but I hardly regard that as a shocker.

We got a ton of good numbers from transport companies all of which were put through the recession prism as was pretty much any industrial company's numbers. The only numbers that were loved were the relatively positive drug numbers.

Oh, and the biggest machinery company of them all, Caterpillar ( CAT), reported a great number and everyone decided that didn't matter at all!

There are no do-overs in this game, for certain. And last week counted, for sure. I just don't believe, though, it got counted correctly. Too much outside pressure, from ETFs, from indices, from just about everything but the fundamentals themselves. That's how I explain it.

At the time of publication, Cramer had no positions in stocks mentioned.
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