The Nasdaq on Thursday registered its 12th straight day of gains, and Cramer thinks he knows why.
“Washington doesn't care about tech,” the Mad Money host said.
While hosts of companies operating in health care, energy and defense face the ire of President Obama’s administration, the tech sector has managed to escape the White House’s attention.
And why not? Tech companies don’t boost Medicare costs, they don’t pollute, and they don’t sell products to the government that increase the deficit. Even better: Most likely no one on the Naz needs a bailout. It’s this air of safety that recently has attracted the big money on Wall Street.
Cramer has liked tech for the past few months now, citing low chip inventories, a new mobile Internet-based product cycle and way-too-low valuations. But a run as sustained as this must have an even bigger driver, and Cramer thinks it’s Washington’s blessing by omission.
The semiconductor firms and software companies have been enjoying the same run. And while Amazon.com may have reported a disappointing quarter, Cramer urged viewers to consider buying this “non-Washington halo” of stocks if the Nasdaq is down Friday as a result.
This is a multiyear trend directly related to Obama, Cramer said. So it “could last three and a half years.”
Cramer's charitable trust owns Cisco Systems.
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