I heard over and over again that it was the large mutual funds that were getting long, but for the most part the large mutual funds 1) know ahead of us all pending offers and 2) like momentum, and nothing kills momentum like supply.

After runs like we have had, runs based on shorts who pressed their bets because the credit markets were closed to many companies so we had to presume they would go bankrupt -- the zero-option short! -- you can expect this kind of a vicious rally. But you should also expect the companies to want to raise capital in equity so that they can stay out of the woods.

That means virtually any of the large-cap banks or retailers or auto-related entities or insurance companies or natural gas companies that are too levered are candidates for a spot equity offering. Think about it: offerings like Simon Property's (NYSE: SPG) (Cramer's Take) have been going on for weeks in the real estate investment trusts and the utilities. Dow Chemical (NYSE: DOW) (Cramer's Take) and Las Vegas Sands (NYSE: LVS) (Cramer's Take) showed you a similar pattern.

Now we have to expect the deluge to continue in all of the financials.

Here's the big issue for me. The first round of bank and insurance offerings worked for a few days then led to disastrous routs because there was so much supply that the stocks were easily crushed. Same with the insurers.

I am struggling with why it would be different this go-round. But all of the Dow/LVS/SPG deals worked well. You are still up big on Wells Fargo and Goldman Sachs (NYSE: GS) (Cramer's Take).

Let's see what happens. But if you wanted to monitor the situation I would watch Goldman and Wells Fargo for clues. If they take out the deal prices, then I'll have to rethink my bullish tilt.

If they don't, then I think we are home free to go higher after the digestion period.

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 had no positions in the stocks mentioned.