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After the monster run that the stock market has had recently, Jim Cramer estimates that the average stock in the now sells at an expensive 20 times earnings. However, he is still seeing signals that there is no major correction in sight.
There are only two ways to get out of the overheated position the market is in right now, Cramer said. First, the market comes down to make it cheaper. Or, companies in the S&P start earning more than Wall Street expects because things are actually getting better than they expect.
"I believe the latter is happening, that the S&P will turn out to be cheaper than we thought and thus valuations will turn out to be less expensive, allowing us to get out of this period without a major correction to lower levels," the "Mad Money " host said.
Microsoft delivered a quarter with spectacular growth in its cloud business. More importantly, it had better-than-expected numbers in every other category. Strength across all business lines for a large company like Microsoft isn't possible, Cramer said, unless there is economic growth occurring both in the U.S. and worldwide.
That was a signal to Cramer that corporate profits and revenue could be making a breakout from appearing so steep against forward earnings.
The second signal was from Illinois Tool Works, the basic industrial company that makes industrial fluids, adhesives and tooling. It reported sharply better-than-expected earnings. It didn't seem possible to Cramer that a company could have that kind of a raise and beat quarter, unless the global economy is booming because 46 percent of the company's business is domestic.
The last stock was Cintas, a company that rents uniforms and provides supplies for fire safety, among other businesses. Cramer uses Cintas as a barometer for small and medium sized business growth. After all, a company wouldn't order more uniforms if it was shrinking its workforce.
What caught Cramer's attention about Cintas' quarter was that it guided up on its revenue forecast dramatically. That was a sign of economic expansion that could mean good things not just for Cintas, but for many other companies, too.
Ultimately all of these better-than-expected numbers could mean more growth across the board. With these terrific numbers, Cramer thinks it could be safer in the market than many realize.
"That's the benign way you can get an expensive looking market to start looking cheap," Cramer said.