As I wrote over the weekend, I was hoping for a little rally this morning to get the remainder of my cash into short positions. I also wrote about how I thought that the market is set up for an incredible shorting opportunity. A weakening economy and a soaring bear-market rally? Sweet!

So, my eyes almost popped out of my head when I read RealMoney.com this morning:

In “Things Aren’t So Bad“, Jim Cramer pooh-poohed the banking crisis, said Bear Stearns and Lehman were just poorly managed companies, and even raised the idea that Friday’s jobs report could show new jobs created! Note to Jim: continuing claims are rising! Wow! Did Cramer get that wrong, or what? Wasn’t he paying attention to the financial news coming out of the UK the day before? Doesn’t he know that our banks have exported toxic mortgage paper to the whole world? What planet is living on?

In “Waiting For Answers“, Rev Shark wrote:

“There isn’t a lot of news out there at the moment, but the first day of a new month has a tendency to be positive, and I wouldn’t be surprised to see the bulls perk up.”

Way out of touch…

Helene Meisler was optimistic about a head-and-shoulders bottom forming on the Citigroup chart. Whether that will happen or not remains to be seen, but it seems like a silly thing to be hoping for on a day where the BKX took out the March 17 low with a new low close, and looks like it is on its way to testing the October 2002 low.

What are they putting in the water over there?