This might sound like an oversimplification, but Jim Cramer saw a lot of asymmetrical selling back in January.
Could this pattern permeate February as well, or will there be a new positive foundation to work from going forward?
One would think the asymmetrical disease has been cured considering that Monday closed with a nice rally. However, to fully understand what will happen going forward, Cramer thinks investors need to look back at what occurred for January.
"When the news is bad, the sellers are much more powerful than the buyers, and when the news is good the buyers just aren't paying up anymore," said the "Mad Money" host.
The best example is the airlines. In the past, whenever oil prices fell there would be an immediate increase in the price of airlines. Every investor knew this and counted on it, because the immediate drop in price would go straight to the company's bottom line.
So what the heck happened with the airline cohort?
Each airline reported earnings, and the numbers were very good. But what was strange, was that the analysts didn't raise numbers like they normally would.
Instead of being surprised by the good numbers, they failed to show enthusiasm, and there wasn't much of a pop in this group.
Likewise, when oil jumped to $49 from $44, Cramer would have expected airlines to jump as well. But instead, they were clobbered. Absolutely obliterated.
The most asymmetrical element that concerned Cramer the most is the market's reaction to a missed quarter. In the past, if a company missed a quarter, Cramer would see a few down days and then the stock would stabilize.
A stock like Microsoft is a good example. The company announced earnings, and while there were a few lines that weren't that terrific and some cautious guidance, it actually wasn't that bad.
But the reaction to the stock is what Cramer described as "nothing short of breathtaking." The stock has been in a freefall, dropping to $40 from $49 and showing no sign of stopping.
It just doesn't make sense.
Cramer saw the same pattern with blue chip stock American Express. It delivered on the top and bottom line. But it didn't matter, the stock dropped.
Typically, this type of bone-chilling fall has been reserved for companies that miss the bottom line. And while the stock rallied on Monday, the drop was strange to the "Mad Money" host.
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"I even loved the quarter from Facebook. You had terrific accelerated revenue growth. You had number bumps galore. But you didn't have anyone of import change their mind about the stock. There were simply no converts, no bears who became bulls. Hence why Facebook couldn't sustain its rally," said Cramer.
So, while the market was broken in January, the small glimpse of hope afforded on Monday gave Cramer some reassurance that the short-sellers have left the building.
The question is, will the buyers now enter?
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