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Bears Put Banks and Oil on the Run

By Jim Cramer

 About this article:
 Rough day. Any time you lose both the banks and the oils, you know you are going to get clobbered. It's been a wonder that the banks have held in this well on no news and with immense profits for those who participated in most of the secondaries. But you can see how they, out of nowhere, are getting back to those secondary levels, particularly PNC and U.S. Bancorp, two you don't hear much about, as well as the often-rumored-to-be-doing-a-secondary-to-stay-out-of-trouble Wells Fargo. And I wonder whether the CFO's comments about how it is not going to raise equity to pay back TARP are going to be ignored by this unforgiving, Wells-hating market. As far as oil, it's simply possible that, once again, no one has a clue where it really ought to be and that it is just being manipulated one way or another. The demand doesn't...

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