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The Dow Jones Industrial Average closed 115 point higher on Monday, crossing the 9,200 mark for the first time in almost nine months. Not to be outdone, the S&P 500 broke a similar threshold and reached 1,000, something it, too, hadn’t done since early November. And the Nasdaq? The Naz is up 27% so far this year. Yet, despite all these positives, the market is filled with non-believers.
“Instead, what we have are a horde of negative Nellies and negative Nancies,” Cramer said, who “can’t stop criticizing this move.”
Some are doing it intentionally. They’re the money managers who stayed in cash for too long and now are scrambling to buy stocks. They don’t want to pay up, though, so they’re spreading as much doom and disorder as they can to scare other people out of the market. Sell-offs, of course, bring prices down, and that’s just what these guys want.
Cramer did tip his hat to a few credible moneymen, such as Ron Insana and Doug Kass, who see short-term turbulence ahead. While the Mad Money host does see a small correction coming, he doesn’t think it warrants “bolting wholesale from stocks.”
But why should investors stay in the game? Cramer pointed to a list of positives: Interest rates remain low as the economy improves. China’s alleged slowdown has been disproved now that copper has taken off again. Auto sales are on the rise, thanks in large part to the “cash for clunkers” program. And housing is stabilizing, while more and more homes are being sold.
Best of all, Cramer said, is that tech, oil and the banks have reclaimed their leadership positions. The mobile-Internet product cycle is a key secular growth driver for this market, partly due to the success of Apple’s [AAPL
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] iPhone and Research in Motion’s [RIMM
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] BlackBerrys. Banks, on the other hand, are huge beneficiaries of the housing bottom and a turn in the economy. Bank of America [BAC
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] and Wells Fargo [WFC
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] are Cramer’s favorites in the group. And with oil and natural gas prices rebounding again, this cohort of stocks is “ready to power higher.”
Cramer also pointed out that we’ve just finished the best July since 1997. The last time we enjoyed such a great run was in 1996, and a “gigantic move” followed soon after, he said.
The bottom line? While we’re most likely in store for a “gentle, shallow pullback” – such moves are endemic to bull markets – investors shouldn’t run for the sidelines. Take profits by selling into strength, as any smart investor would. But “believe in this rally,” Cramer said.
Cramer's charitable trust owns Bank of America and Wells Fargo.
Call Cramer: 1-800-743-CNBC
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