Cramer: Friday was a mild hangover
Jim Cramer | [email protected]
I am adamant that Japan isn't in trouble but that the market there has become unstable in its volatility, and it does freak people out. I come back to the high quality of earnings we saw last week and a belief that we can't throw out the baby with the Japanese bathwater.
Just think about the ratio. We had a bad number from Expedia that is hurting the travel stocks, but if you go over the quarter and the conference call, you would think that that's the wrong takeaway and that the other travel names should be bought.
In the meantime, you have terrific numbers from Starbucks and Gilead on Thursday night--two huge-cap stocks--and then good numbers from Weyerhaeuser and Stanley Black & Decker on Friday morning, both of which could have tripped us up and didn't.
And don't forget that Amazon reported a quarter that was widely viewed as disappointing, and it didn't take the Internet cohorts down. In fact, it has barely kept down Amazon itself.
I think Friday just felt like a bit of a hangover and nothing more, not the start of something big.
And, oh yes, we are a buyer of Japan for my charitable trust, as the situation there is going negative to positive and not back to negative again.
Disclosure: Cramer's charitable trust is long WY.