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Cramer: Bearish blinders obscuring many positives

(Click for video linked to a searchable transcript of this Mad Money segment)

On Tuesday bears prevailed on Wall Street with the Dow Jones industrial average sliding by triple digits.

Largely, investors ran for the exits after lower than expected results from TJX renewed concerns about consumer spending. Meanwhile, a decline in sales forecast by Staples was also viewed negatively. And a 13% decline in global retail machinery sales at Caterpillar called global growth into question. "Those numbers were pretty severe," Jim Cramer said.

Many skeptics took the preceding developments as confirmation that the economy had, indeed, slowed; something they say the bond market had been telegraphing for quite some time now. The yield on the 10-year Treasury is around a 6-month low.

However, the "Mad Money" host doesn't see it that way.

Dave & Les Jacobs | Blend Images | Getty Images

Although he concedes that the events outlined above were negative, he also thinks the market is wearing bearish blinders. That is, he thinks Wall Street is so concerned about a correction or worse, it almost refuses to consider bullish developments.

And Cramer thinks there are plenty of bullish developments.

"Home Depot said on its conference call that May demand was very robust. We know from United Rentals, which buys big earth movers and rents them out, demand is incredibly strong. On "Mad Money", we hear nightly from companies in the oil and gas business that we are drilling round the clock. There's been an increase in new housing starts from last week. And last week, the jobless claims number was the best it's been in seven years," Cramer said.

Those developments should drive buying. But largely Cramer says they're being ignored.

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For better or worse, that's just how the market is behaving right now, and Cramer wants investor to understand the phenomenon.

"On some days the market has a whacky darned mind all of its own, one that's prone to fickle and capricious behavior," Cramer explained. "It just hears what it wants to hear. It might not make sense to you. It might not reflect the fundamentals. But then, again, no one ever said it was run by summa cum laude graduates."

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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