It was just one week ago that Jim Cramer sensed the market was finally ready to roll over. Winners in the market were narrowed down to just a handful of stocks, and there were signals everywhere that the bull was on the last of its tired legs.
There were the terrible numbers from both Nordstrom and Macy's that crushed the retail sector, the disappointing outlook from Cisco that bruised tech, and Valeant's monster decline that crushed the drug stocks. Oil was declining at a breathtaking speed as crude plummeted back to $40.
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Even worse, as the market closed on Friday, the world learned of the terrible terrorist action in Paris.
Typically when Cramer sees the selection of strong stocks narrow to a small group, it is a sign that stocks are headed to lower levels — but not this time.
Instead, this week Cramer saw a dramatic broadening of stocks that went higher. There were positives everywhere. Home Depot and Lowe's reports fantastic numbers, and proved that the consumer was still spending on retail. They just weren't spending it at the mall.
Additionally, both companies confirmed strong housing demand, which sent the group flying. Oil continued to go lower, but the oil stocks diverged.
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Health care was reborn with both old pharma and biotech making a comeback. Companies like Biogen and Eli Lilly bounced back with fury. Restaurants, which were previously in a mountain of pain, came back strong.
Apparel had been in a depressed state because of the warm weather this fall was sparked back to life when Nike announced a huge buyback, along with a dividend boost and a stock split.
Even consumer products companies, which many like because of their 3 percent yields, did well once it became clear that maybe the Fed won't go into autopilot and hike up rates so soon.
"It's been a remarkable week. One where we came in narrow and limping and went up wide and strong," Cramer said. (Tweet This)
The market was re-energized from everything ranging from mergers and earnings to the Fed. It all happened at the perfect time when it seemed the bear was ready to maul the market once again.