The market also disregarded negative comments from one of the housing sector’s most respected CEOs. Appearing on Mad Money Thursday night, Toll Brothers’ Bob Toll was markedly bearish compared to Cramer’s outlook for the sector. Still, TOL was up about 7% Friday regardless.
“The stock is telling you,” Cramer said, “‘Look, mortgage rates will trump even Toll’s negativity.’”
Cramer did recognize November’s stunning unemployment numbers – and if you have no job, you won’t be shopping for a house – but pointed out that 6.7% is still historically lower than past recessions.
“It ain’t so bad,” he said of the present market environment, especially in contrast to just two weeks ago.
Cramer said he likes Celgene going into this weekend’s American Society of Hematology conference. He also mentioned that money seems to be slowly coming off the sidelines and into the market. The fact that US Bancorpbought Downey Financial's deposits on the cheap shows that some companies are starting to take advantage of the declines we’ve seen.
The holiday shopping season will be the key, Cramer said. No one on Wall Street expects retailers to beat analysts’ sales projections. But he wondered what would happen if they did.
“The holiday season may not be the disaster that we all thought it was going to be,” Cramer said.
Jim's charitable trust owns Celgene.
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