Cramer: This memory-free market
Jim Cramer | firstname.lastname@example.org
Or how about that ConocoPhillips? Didn't they report a miserable quarter? Or certainly one that showed little growth? Wasn't VF Corp. a major miss with major handwringing? Didn't Toll Brothers disappoint?
I think this remarkable market cannot recall what went wrong. It seems to forget it so quickly that it's childlike. It forgets its homework constantly.
Plus, there were so many negative analysts who downgraded ahead of quarter, which then turned out to be not that bad--think Microsoft--that we see scrambling constantly as the macro worries diminished and whatever specifically bothered us has just been rendered irrelevant.
So what's next for revaluation? There was some worry about United Technologies and General Electric citing Europe, but if you are like me, you think Europe is turning. How about some of these food stocks? Hershey reported an amazing quarter, and it is still trying to shake off the selling. People didn't like the FedEx quarter, but how long can that negative stay with this comeback stock?
And of course, there is ADT. Here's a company that basically delivered what it was supposed to do and fell almost 10 percent for doing so, and it had already lost 5 straight points coming into the quarter. Preposterous, especially because it is a housing play.
We will find out if Allergan can bounce, but I think that Wednesday's drop was in excess, not unlike the plunge in IBM from $212 to $188.
The market doesn't like a quarter? Give it a few days, and all will be forgiven.
Disclosures: Cramer's charitable trust is long ADT, GE, and IBM.