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On the other hand, if people have to sell other banks in order to raise the capital for this surprise offering, and the bears sense it, then they can come flying in from the get-go with puts and the ProShares UltraShort Financials (NYSE: SKF) (Cramer's Take) and lean on the group, which is awash in new stock that people have profits in.

I know if I were a short-seller I would do my best to go after the weakest players, the ones that have credit cards (because of the new federal rules) and the ones that are underwater from the pricings. You can see the shorts targeting Capital One (NYSE: COF) (Cramer's Take) for the former -- even though it is incredibly well run -- and Bank of New York (NYSE: BK) (Cramer's Take) for the latter. I am sure the shorts want to operate on Wells Fargo (NYSE: WFC) (Cramer's Take), which always seems like it is prey in these situations. The stock's still well above the pricing of the secondary, but I don't think it will have much support here if BAC breaks down -- the two banks look too much alike.

Given that Hewlett-Packard (NYSE: HPQ) (Cramer's Take) can be used to color tech ugly, that would leave only oil as a group that can't be brought down.

Remember what got us up here: banks, oil and tech. If two out of three break down, we will not be able to mount an advance.

But if Bank of America is Ford (NYSE: F) (Cramer's Take) -tight -- to use an analogy to one of the best secondaries I have ever seen priced -- then we are off to the races, because this is the last big slug of bank equity that needs to be done unless the economy takes a huge fall from here.

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 Wells Fargo and Hewlett-Packard.