Good test today. If we decide that Portugal and Greece matter and we're just a logical extension of Europe, then it is going to be a really long day.

 

If we decide that JPMorgan Chase (JPM) and Alcoa (AA) are all that matter and that the hot IPOs, the Graham Packaging (GRM) deal and the decline in oil don't matter, we are in for a long day -- even as I could spin all of that in an incredibly positive light.

 

Still, I have to tell you, I had a pit in my stomach when I read that Sen. Carl Levin, D-Mich., has a report out charging that Goldman Sachs (GS) misled Congress during the financial crisis.

 

I said to myself: "No, you see, Lehman and Bear Stearns and Washington Mutual and Fannie and Freddie misled everyone, and Goldman was the one left standing and is therefore the target."

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Amazingly, none of those other companies have people behind bars. They were the culprits!

 

But it doesn't matter.

 

At this point, if you defend a banker, you might as well just surrender your writing privileges.

 

I have come to believe that it is hard to rally on days when the headlines are all about how banks colluded on this or cheated on that and that they need to be investigated more and further shackled. Plus, they always bear the brunt of the woes of the PIIGS.

 

So tough day ahead.

 

At least for now.

 

At the time of publication, Cramer was long AA.

 

Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.

 

Follow Cramer's trades for his Charitable Trust.

 

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