Jim Cramer knows that stocks have had a big run, and some of them could fall. But when he spent the weekend looking over the charts, he found 10 groups flying high that indicated that the market could have more room to run.
He found powerful bull markets in financials, multi-nationals, healthcare, aerospace and defense, semiconductors, homes, transports, airlines and travel and leisure stocks.
"That is not some narrow group of stocks leading us higher. That is a plethora of leaders that should embolden you, not make you feel reckless," the "Mad Money" host said.
Only the restaurants, retailers and oil stock seem to be struggling. Everything else is doing just fine in Cramer's perspective. The stock market may seem expensive, but if earnings keep coming in hot, the world keeps getting stronger and Washington provides business relief — that spells out a different story.
"That is a situation where we have plenty of negative sentiment engendered by concerns about the stability of the administration and its ability to get things done, versus a global economy that is improving," Cramer said.
Watch the full segment here:
The current atmosphere was reminiscent to Cramer of the Haines bottom, when the late CNBC anchor Mark Haines called a bottom in the market eight years ago on Monday. What made this call so special was that Haines recognized that the risk-reward was off balance, and there was too much selling happening and it was time to start buying.
At that point, it was almost impossible to find a bull anywhere. Haines turned out to be right, and that was the bottom.
Likewise, Cramer found it very hard to find anyone who believes the current market can go higher. There seems to be an almost universal skepticism towards stocks and stories of three hedge fund managers who are shorting the market or betting against individual stocks and pulling their money out.
"I believe these big money managers are cynical haters, not skeptical tire kickers. They aren't wary buyers, they are unwary sellers. They despise the setup and find themselves wanting to sell everything at a moment's notice," Cramer said.
In fact, Cramer likes how disappointed so many money managers are. He believes that many hedge fund managers are traditional Republicans by nature and can't figure out President Trump, and therefore think he is dangerous.
But Cramer doesn't view the stock market through the lens of the White House. The global economy has gotten better, and that is what matters to him. Almost every market he follows is up, and none of these countries have Trump at the helm. They simply have better business conditions. With low interest rates, it was bound to happen.
Ultimately, Cramer found that there is far too much skepticism in the market, which means he wants to stay in, not out of the stock market.
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