“As much as I like this group,” Cramer said, “it cannot move until you get [FinReg] done.”
Even though the Mad Money host wants to recommend stocks like Citigroup and Morgan Stanley , he can’t right now because of the pending legislation. Investors might consider some of the regional banks – Cramer mentioned PNC Financial specifically – but none of the sector’s stalwarts will push higher until President Obama signs a new bill into law. But once that happens, Cramer said, a stock like JPMorgan Chase will “explode to the upside.”
Retail has become an unlikely leader in this market. While the euro or China has little effect on the group, trading instead on wealth, employment and the price of gas, but these stocks are still rallying. Cramer said the pressure on retailers was “way overdone to the downside,” and that in turn has caused a hard snapback in their share prices.
Deckers Outdoor, Skechers USA, Steve Madden, Jones Apparel – all of these stocks are “on fire,” Cramer said. Target just upped its dividend, TJX Cos. and Ross Stores are “fantastic here,” and Coach is one of the most attractive growth names in the group, Cramer said.
Lastly, Cramer said he’d choose Baidu.com over Google right now, and Apple over both of them.
“I just think that Apple is the best company in the world,” he said.
When this story published, Cramer's charitable trust owned Apple and JPMorgan Chase.
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