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Cramer: Big voids in the S&P 500

As Jim Cramer was digging down into the various sectors of the S&P 500, he made a curious discovery.

Mergers and acquisitions, which have driven gains in so many sectors, are effectively absent in two areas of the market; industrials and financials.

And after reflecting on the findings, Cramer said "It makes sense." Companies in those sectors have little reason to merge.

Nicholas Monu | Photodisc | Getty Images

In the bank sector, firms are facing static interest rates which make it more difficult to generate profits. And in the industrial sector, geo-political developments, such as sanctions against Russia, present all kinds of woes. The synergies generated by a merger just wouldn't address any of these issues.

Although the lack of M&A isn't inherently bearish, it's hardly bullish. And given the opportunity in other parts of the market, Cramer thinks the absence of M&A is noteworthy for investors because it will probably result in money flowing elsewhere.

"Without any yield support to speak of and no takeovers imminent, many bank stocks will probably languish," Cramer said.

And, in the industrial sector, Cramer said the lack of M&A in a period of global uncertainty is hardly an appealing development.

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"Yep, there are two deal-less sectors in an otherwise deal-filled world. Banks can't, industrials won't, and that creates a huge void in these two gigantic segments of the S&P 500. "

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