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We Need a Washout

By Jim Cramer

 About this article:
 It feels easier to be a bear at this moment, one of the easiest times since the bottom was reached in March. But that in itself is worth considering, because anytime it has been easy to be a bear, the bears surface, buy a lot of puts, make many negative bets and voila -- you get a reversal. The elements of this reversal are two-pronged: We are no longer overbought, and the end-of-the-month mark-up is really a phenomenon of three days before the end of the month. Meaning, today. What we need of course, as we always do, is a washout of hope, a sense that it is once again a doomed market, not doomed to go to 9500 but doomed to go to 8500. I personally think that 9500 is hardly doom, and I don't even know if we will go down that far. But it sure would...

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