Chesapeake (CHK) is signaling that there's more than just hope in the group. If CHK can sell $13 billion in properties, up from $11 billion, what does that say about Devon (DVN), which is only $23 billion? It could JV half the company for that market cap. It also says that there are companies that want to drill those properties and that means that the rig count could actually be bottoming out.

Of course this could all be part and parcel with a materials move based on higher interest rates -- woo hoo, mortgage rates at 3.4%, get 'em while they are still low! --and copper rallying.

It also could be more Middle East troubles with a sense that domestic oil security will strike someone's fancy eventually in Washington.

Besides the rotation into natural gas and oil, deep cyclicals, materials and high growth there's the annual jump-the-gun tech rotation that usually starts the last week in August. But people are anxious to stock up on these laggards.

It's funny, if you asked me if I buy into all of these rotations I would say that everything's become a self-fulfilling prophecy right now. Church and Dwight's (CHD) down, so Kimberly-Clark's (KMB) down, so General Mills (GIS) is down, so sell Colgate (CL) and buy Joy (JOY) and Emerson (EMR) because the FXE has bottomed and Europe's getting better, at least according to their stock markets.

Just the way it is. They all run their course, but, ultimately, the market has a nice bias to the upside with very little data ahead of it.

Random musings: JPMorgan (JPM) is trading as if it is a European bank. Pathetic, but after the mistakes it made people now think of it as that kind of situation. 

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 DVN.

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