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Let Some Damage Be Done

By Jim Cramer

 About this article:
 All day Tuesday I pondered what the bears had in their arsenal that could really knock this market down from its overbought perch. Now we know. It's Bank of America. The question is, "Can BAC be exploited to take the market down?" So many hedge funds that aren't up for the year and so many mutual funds that have been left behind will have to ponder that question seriously Wednesday. The hedge funds need to come in with guns blazing and hit the ProShares UltraShort Financials exchange-traded fund, knowing that can reverberate and no one is going to stand up for individual banks right now, even as Bank of America seems "isolated." They can now dust off the Nouriel Roubini arguments again and say that Warren Buffett is old news and that this is the beginning of the great "Bear Bank Raid Redux." But the underinvested mutual...

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