It is no secret that earnings season has been horrendous. Although every sector delivered a disappointment, Jim Cramer notes that there is still a silver lining.
"It has been almost non-stop depressing, and it is hard to recall another time when the misses were so widespread," the "Mad Money" host said.
What is unique to this week of earnings season is that finally there is evidence of introspection on Wall Street. This is the time when money managers look back and buy the stocks of best-performing companies during a losing earnings period.
To bring investors up to speed on what big money will have an eye on this week, Cramer reviewed the biggest winners of earnings season.
First, the consumer packaged goods group. Campbell Soup and Clorox caught Cramer's attention, but the star by far was PepsiCo, with 3.5 percent organic growth and earnings per share up 11 percent on a constant currency basis.
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Next up were the industrials, and Cramer-fave Honeywell delivered again. CEO Dave Cote delivered a beat-and-raise quarter and confirmed the strength of China, which was the opposite of what everyone else said.
Cramer liked all the defense stocks. The world is restocking its arms stash, and the U.S. is an arms dealer. No matter what investors pick, he thinks it will be a winner.
"I know this sounds preposterous, but when you get winners in a typical earnings season, they tend to stay winners like a Super Bowl champion is the king until the next season. Same with these," Cramer said.
So, until conflicting reports are received, Cramer considers these to be his go-to champions of earnings season.