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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 standout theme is cybersecurity. Many analysts said that this group had become very overheated, but it turns out they were totally wrong when Fortinet reported an amazing upside surprise. It then prompted the rest of the usual suspects, like CyberArk and Palo Alto, to rally as well.
The second theme cutting through the tide was apparel and fitness. Cramer immediately spotted VF Corp, Nike and Under Armour as the top dogs in this category. These stocks have become so strong that short sellers have done nothing but lick their wounds.
"Today's Under Armour Day, and the numbers that CEO Kevin Plank delivered are nothing short of extraordinary…Heck, I want to know who Plank's endorsing for president," Cramer said.
Next theme is cameras and drones, which of course points right to GoPro and Ambarella. Cramer was amazed that Ambarella just powered right through the nasty Thursday.
Another strong theme that Cramer saw was the home. Fortune Brands Home and Security joined the rest of the group and reported stellar numbers. And while Whirlpool could have some issues overseas, the stock has been roaring from its strength in the U.S.
The final theme on Cramer's list was rearmament. He has seen something amazing happening all over the world right now. The deal with Iran will allow them to export whatever they want, and that includes terrorism, in Cramer's opinion.
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"Whatever you think of the Iran deal, the fact is that it's happening because the president tends to get his way in these matters, which means that every country in the region that fears Iran's primary export—terrorism—is now rearming, and rearming in a hurry," Cramer said. The other export is oil, which will crush the market.
The defense companies see what is happening with Iran, ISIS and Russia, and Cramer expects some robust results from companies like Northrop Grumman next week. Raytheon and Lockheed Martin already reported great quarters to back this thesis up.
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.