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No One Knows Where This Wild Ride Goes

By Jim Cramer

 About this article:
 Oversold market plus bear going bullish equals explosion upward on a sleepy Monday in the summer? Pretty much. The complacency among the bears -- and everywhere I go I hear there are no shorts out there but the numbers show the opposite -- was pretty thick going into today. At 4:30 a.m. EDT -- with Europe doing just okay, no better, despite Philips putting up good numbers -- we were looking down by as much as a half point in the S&P 500 and three-quarters in the Nasdaq, taking our cue from a weak Asia. The more I thought about it, the more I figured, you know what? We take our cue from anything and anywhere that's weak. It just got too gloomy. If I had known ahead of time that Meredith Whitney was going to go bullish on Goldman Sachs, I don't know if I would have been buying...

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