I hate when Jim Cramer busts out some obscure indicator and then doesn't tell you where you can check it. It does seem to have quite a rep according to him:
Historically, over a 20-year period, Cramer said the oscillator has never let him down. It has certain periods when its readings are really high. That is when market players should sell, he explained. Then there are certain periods when the oscillator is really low, very negative, and that's when people have to buy.
Upon researching it I come to the conclusion that it is like the Colonel's Seven Herbs and Spices or the Secret formula for Coke or something. In fact it sounds like the kind of thing that is locked in a vault somewhere in New York behind dobermans and stone-faced guards carrying AR-15s.
I scoured the S&P site and it doesn't say anything about it in their products section.
I also read rumors that the thing costs like $1000 a year to check. Maybe you need to be a Bilderberg as well? However this site claims to have a formula for it but I'm not sure if this is the same thing as what the S&P uses.
((High - Open) + (Close - Low)) / (2 * (High - Low))
In any case the thing is at -6 according to Cramer this past Friday (6/13.) That means there should be a snap back in stocks next week as it goes back to normal. Hmm, it should be interesting to see if there is a big rally next week and what event sets it off. My guess is on a quick drop in oil prices to the $120 level. But that is just a feeling I get from all the jawboning going on by OPEC, IEA, Paulson, whomever. There are just too many big players that want to see it drop for it to go to $150 before going back to $120.