So, we're more Europe than Asia? We have more characteristics of the ailing lenders to Dubai World than to the trade kings of the Pacific?
That's what I think about when I look how our futures declined in lock step with Europe after rising in lock step with Asia last night.
As is usual, for someone who has seen so much in 2009 go right -- I know, I am one of the few that have seen that the line that defines the market on a graph has moved from lower left to upper right pretty continually, ha! -- I think we belong with the Asians, and we're not like the Irish banks or Royal Bank of Scotland (RBS) (Cramer's Take) or Barclays (BCS) (Cramer's Take) or Lloyds (LYG) (Cramer's Take), and yet the futures indicate that our banks and, therefore, our stocks will be.
Anyone who has watched the miserable action of Citigroup (C) (Cramer's Take), Morgan Stanley (MS) (Cramer's Take), Wells Fargo (WFC) (Cramer's Take) and Goldman Sachs (GS) (Cramer's Take) of late would attest to the lack of follow-through to the rest of the market. Therefore, I think we could break that linkage today.
Another battleground today will be the characterization of how good/bad retail was. I heard some hedge fund guy babbling at 4:30 a.m. about how bad it was here so I can see the bear pincer moves of Dubai bank/no Black Friday and I brace myself for selling based on those extrapolations and canards.
All in all I think the night futures were right and the morning futures are wrong. To me the industrials, health care, foods, techs and drugs all seem like fine places to pick among the usual futures-driven rubble.
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 Goldman Sachs.
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