Cramer: The crazy market continues
Jim Cramer | [email protected]
Needless to say, we still won't buy stocks that look like bonds unless they are very oversold, and we certainly won't buy stocks of companies that are affected by higher mortgage rates, even if they tell us all is well, as Lennar did yesterday.
It's crazy, but yesterday we saw the relief rally that we should have had on Monday but couldn't, in large part because I think that China's ruling all of the industrial action and we got a reversal there. I also think that the banks are now able to act better because we have already forgotten that raft of regulatory nightmare stories about banks over the weekend.
Meanwhile, we never lost aerospace and we got the rails back because President Obama didn't rage against coal as we thought he would. And a lot of the best shorts, including the master limited partnerships, have rallied because the president didn't attack them, either--though I suspect there has to be another raid on that group because it hasn't put together two good days in ages.
Oh, and good consumer confidence numbers now seem to apply only to retailers, not homebuilders, as they were soaring and look to rebound strongly--at least until we see weekly employment claims tomorrow.
Disclosures: Cramer's charitable trust has no positions in the stocks mentioned.