Cramer: Why Media Is Wrong About Market
Some people are never satisfied. Or, more to the point, the media isn’t. They haven’t been happy with any of the market’s good news recently, Cramer said. Company after company has shown signs of resilience, but the press has all but shrugged them off.
Macy’s delivered a better-than-expected quarter, but reports focused on weakness in supplier Liz Claiborne . Urban Outfitters announced great earnings, but people harped on the incremental same-store sales increase. Caterpillar was panned for poor sales, too, but this is a company that should be in much worse shape at this point in the business cycle. Cramer thought the negativity was causing financial journalists to miss the big picture.
“The fact that these companies aren't at death's door,” he said, “that is the real story.”
The media wants everything, Cramer said – better sales, better margins, better earnings – but that’s impossible given the economy right now. So it’s important to take note of the positive developments that companies are reporting. Those that don’t will continue to miss the big moves that these stocks have made.
“Don't let the press confuse you,” Cramer said. “We are almost at Dow 9,400 because things are better than you think, and still improving by the day.”
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