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TheStreet.com's Jim Cramer says improving macro trends were ignored Thursday.

Tough day.

I could tell from the way the bears gang-tackled the market at the end of the day that they were simply motivated, using all the futures and ETFs at their disposal, to knock down the market after its tremendous run.

They were backed by odd bedfellows: terrible earnings from Exxon Mobil (NYSE: XOM) (Cramer's Take) and more miserable action in the big industrials -- action so horrid that you would actually think something was happening.

In truth, the oils are acting so poorly that they are freaking people out. I think we are in the "you can't have it both ways" moment where you can't hate it when the oils go up and hate it when the oils go down.

It's a big industry, and its coincident plays of ag and mining feel the pain, too. But oil's pain is now a real gain for everything from the transports to the soft goods. So there should have been a modicum of cheering.

The Street wasn't buying that pricing is up and margins are up courtesy of the collapse in oil, and that's a trend I suspect will continue.

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Cramer on BloggingStocks: Bears looking to fight the facts originally appeared on BloggingStocks on Fri, 01 Aug 2008 08:38:00 EST. Please see our terms for use of feeds.

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