Jim Cramer says stocks didn't rally on Monday because of Hillary Clinton. The market rallied simply because it loves certainty.
For months, many investors assumed Clinton would be the winner of the Presidential election. So, when the FBI said it was investigating more of Clinton's emails, stocks were sent into a tailspin as the race suddenly seemed more likely to go either way.
Stocks surged again on Monday on certainty when the FBI cleared Clinton's use of a private email server. This left Cramer yearning for the market to focus on earnings, not the election.
"I long for the market to be, well, the market again, where we value companies on how well they are doing, not as a part of a vast basket that goes up or down depending on how certain we are about the results of the election," the "Mad Money" host said.
But if Clinton does declare victory, then Cramer expects the market to go back to normal the day after the election. That means Cramer's got his eye on the companies with the best earnings that can take investors through year end.
Transports were also a puzzling winner, as most railroads and airlines didn't make the numbers, but will likely do much better next year. Cramer liked United Continental and Norfolk Southern as comeback options.
Basic industrials were also a surprise, thanks to an increase in Chinese business, a turn in Europe and an improved airline cycle. Boeing was Cramer's top pick, followed by United Technologies and Honeywell.
The health care group showed promise for Cramer, courtesy of a snap back after being severely oversold. Merck delivered a strong quarter, and Cramer said he is "still reeling from the lack of respect given to Celgene."
"If you look at where the money wants to go, and you figure that this election will pass …. I think that the above description of the earnings season to date will hold up until year end," Cramer said.