Sell-off seems more like the real deal
This bump might indicate that things are worse than business as usual after all.
So the futures run-up into the close was phony and not the sell-off beforehand?
Aided by Dupont (DD) and Texas Instruments (TXN), are we just going to go right back to where we were before the programs kicked in? Was this some errant bet by some market player who believed Romney would score a KO Monday night and Romney is better for stocks than Obama?
Seriously, that whole move is a total head scratcher. When I was trying to write my open for last night's show, I was acutely conscious that by the time I finished having my makeup applied, which actually takes about seven minutes, the market's coloration had changed and changed for the positive -- for no reason whatsoever.
Of course, when it's happening, you think the decline was for no reason whatsoever, given that the last word is so final in this game.
Now we look at the landscape and we think perhaps Friday's sell-off was the beginning of something bigger?
How about this way to look at it: We are seeing some weakness in the industrials but pretty good performance in other sectors, including domestic housing and banks. We are seeing pronounced weakness in tech as that sector shrinks. We are seeing that oil and gas can't rally when Iran is making nice, something I didn't think would matter much but is clearly a cause and effect the day after a debate, when nobody seems to want to upset Iran.
And we have the higher-yielders hanging in as slowdown talk intensifies.
To me, that feels like slightly worse than business as usual, so the run-up was a joke.
This feels more like the real deal, and I am beginning to believe it will remain that way until tech plays a smaller role in the S&P, because it is tech and even the tech divisions -- think Dupont -- are hurting this market.
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long DD.
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