The European Central Bank needed to move in lock step with the Bank of England. It left us hanging with a half-point cut.
That means we're sunk again.
The near-term tug of war just got uglier. Without the ECB cutting as much as the BOE, we have no reason to buy.
Last night, in a meeting with a bunch of hedge fund managers, there was uniform agreement that the market has to be bought with huge rate cuts, that you need to ignore the near-term Cisco (NASDAQ: CSCO) (Cramer's Take) (to use the generic version of crummy earnings) and go with the Wells Fargo (NYSE: WFC) (Cramer's Take) offering that will make it so lending will come again and demand be spurred.
Without ECB and BOE in lock step with huge cuts, we go down. The persistent bid -- made up of the room full of people I was with last night and their ilk -- needed big cuts.
They didn't get one.
They will sell.
Cisco overshadows BOE because ECB didn't go along.
So we'll go lower slower than we would have otherwise.
Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Cisco.