"You should be focused on futures prices for 2008 if you want to see where this market's going," Cramer said, "and they're sky-high."
Also in the news, Eaton announced plans to buy Germany's Moeller Group. Normally in a buyout it's the acquired whose stock goes up and not the acquirer, but Eaton shares rose anyway Thursday. It's also a bit surprising that, given the way currencies are trading, a dollar-based company would buy another that deals in euros. And the industrial sector where Eaton operates is the focus of Wall Street's recession fears.
Cramer, though, was even more baffled that Ingersoll-Randtook a hit after the company announced it would buy Trane, which he said was a better deal. "If you really like Eaton," he said, "will you please take a hard look at how smart Ingersoll was to do what it did."
Finally, WinnebagoCEO Bruce Hertzke said earlier in "Street Signs" that he doesn't see a recession coming. If discretionary items like motor homes are doing well, Cramer said, that just proves not every sector of the economy is being dragged down by the problems in credit and housing. So investors that are too negative might overlook an opportunity.
"Maybe you miss realizing that there's lots of other areas that are more robust," Cramer said, "and the consumer's not dead."
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