CNBC's Jim Cramer is encouraged by the composition of the current rally, in which U.S. markets look to trade higher for a 10th-consecutive session. He said unlike past "bubble" rallies, the market is being led by companies representing real commerce, instead of "inflation stocks" that he called "a nightmare."
"[The market] is once again transport-driven," Cramer said in a nod to the Dow Theory in which strength in transports is a bullish sign for manufacturing. On "Squawk on the Street," Cramer said moves like this make older investors "feel better because it's such bedrock, it represents commerce. They've been a leader, and that makes a good impression on the rest of us."
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"I don't want those stocks doing well, and they're not, because, boy, are they ever a nightmare. You get US Steel putting on 100 points, when you get AK Steel being a leader, that's what happened last time," he said. "I love this leadership, it's not those companies."
"I just don't want us to be led by a company like Chesapeake, like Apache, because those are inflation stocks," Cramer said, adding that he likes the market dynamic where a relative boom in energy is keeping a lid on inflation, "which makes the dollar stronger for good reasons, not bad."
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"I still like the backdrop of the economy more than most. I was gratified that Procter cooled yesterday, that Kimberly cooled. These stocks have had too much of a run, and it's time for others to join in and that's what I started to see happen yesterday."
"If this market were being led every day by the same stocks, then we would feel, I think, very 2007-2008," he said. "Each day someone comes to the fore and surprises you."