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Cramer: A New Bull Market Has Emerged
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Web Editor, Mad Money
The bulls’ stampede has entered yet another sector, Cramer said during Monday’s Mad Money. The action in housewares/appliances and agriculture today expanded to include telecommunications.
While the averages seemed to indicate little movement in stocks, with the Dow relatively flat, money flooded into Verizon Communications [VZ
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], AT&T [T
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], Sprint Nextel [S
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], Windstream [WIN
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] and Qwest Communications [Q
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]. Cramer endorsed all but Sprint for their safe, sizable dividend yields, saying that Sprint worked only as a speculation play.
“These stocks, beginning about a month ago, have bottomed,” Cramer said, “and are starting to soar.”
That’s because investors are piling in to take advantage of the dividend yields, which right now are far better than US Treasurys. Also, these companies’ enterprise sales, so badly hurt by the recession, should be turning up. At least if Friday’s jobs number is any indication. More hiring means that businesses are getting healthier, which makes the companies that serve them, such as Verizon et al, potential recovery plays.
Today’s move was important, Cramer said, because investors right now can’t afford to take their cues from the averages. If they do, they’ll miss the “thundering herds” operating within them, like housewares, ag and now telco.
“And we only need to ride those herds to prosperity,” he said.
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