Cramer: Market to Climb 15% This Year
Despite a wide-range of obstacles, Cramer on Tuesday noted the market had produced the best January since 1997.
From Portuguese bond auctions to the collapse of Ireland to political unrest in Egypt, many issues threatened stocks last month, but they only continued to push higher. The January rally happened not only in light of these negative events, but despite a lack of action on the domestic front, too. The U.S. employment picture and the housing market, for example, didn't seem to improve. Instead, it stagnated. Perhaps more importantly, though, the rally happened despite concerns the market had already run up too much.
"The fact that we can triumph over all of these issues tells us that this market is strong," Cramer said. "It's resilient and it's going great guns despite all the catcalls and all the worries, both real and manufactured, largely voiced by professionals who are often underinvested or short stocks and then echoed by their media minions."
Cramer thinks the market will remain resilient simply because of the pervasive negativity. This can't be a top, he explained, because there are too many bears. At a top, there are too many bulls and everyone is overly confident. Even following the best January in more than a decade, Cramer said few are bullish now.
For his part, Cramer still expects the markets to climb by 15 percent this year. He said nothing has happened to change is mind, especially the bullish performance in January.
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