Now that investors have gotten through the bulk of earnings season, Jim Cramer thinks it is safe to start making some judgments and spot the positive trends swirling in the market.
So on a down day like Thursday, Cramer took a look at the stocks that are swimming naked against the riptide. Yes, naked stocks.
"I'm talking about any stock that is able to be knocked down by the endless selling in the S&P futures, based—once again—on a confluence of who is being hurt by China's bear market…and who would be hurt by higher interest rates, and the super-freakin' strong dollar. It's a very, very big group," the "Mad Money" host said.
But there are some companies that have been able to keep their heads above water. Those are the standout stocks of the S&P, while everyone else is drowning.
The first group that stood out to Cramer, was the FANG. That stands for Facebook, Amazon, Netflix and Google.
"Tonight's surprise profit reported by Amazon and the concomitant almost instant 20 percent rise in its shares. You know what? That might take the cake of FANG! What can I say? We have loved FANG on 'Mad Money' and we don't think these internet stars are done shining and I do not think that Amazon can be contained even if it is up 100 to 150 points," Cramer said.
So, while the tide of the market is going out and much of the market is trying to stay afloat, Cramer has pinpointed the strongest themes of the S&P as cybersecurity, athletic apparel, housing, drones and defense. Good luck to the rest; hope they know how to swim.