Nobody seems to have noticed that the market restarted its love affair with senior growth stocks, but Jim Cramer did, and he is climbing on board.
"After having no sex appeal whatsoever for almost the entirety of last year, the senior growth love affair began anew during this first quarter," the "Mad Money" host said.
Big-name tech companies aside, Cramer said that the stocks with the most staying power for the rest of 2017 could actually be longtime growth names that seem to be making a comeback.
One such stock is Disney. After taking a hard hit from continued ESPN subscriber losses, CEO Bob Iger assured investors that he was feeling better about ESPN's numbers and reminded them of Disney's healthy pipeline of films, and according to Cramer, that's all the market needed.
"Now Disney's stock trades up on both good and bad days, even as the ESPN woes haven't really been stemmed," Cramer said. "It's a textbook case of the market getting comfortable with a negative, baking it into the stock, and then starting to process other positives."
Or take a look at Starbucks. First the coffeemaker's sales fell under pressure due to mobile ordering mishaps, then news of CEO Howard Schultz stepping down from his role sent the stock sliding.
But recently, Starbucks has managed to turn its fortunes around, announcing a fix to the mobile ordering issue that should come in the second half of the year.
"It's all being done on faith, not unlike Disney, and it's working, as the stock of Starbucks has been climbing on both good days and bad ones," Cramer said.
Nike is another name that has climbed out of its 2016 rut that came about because of aggressive competition in the athleisure space.
Despite the stock's Thursday downturn, which came after Lululemon's stock plunged on weak 2017 guidance, Cramer thinks Nike is a sticky name with longer-term prospects.
"I think people are looking for long-term bargains and they've settled on Nike as one with staying power," Cramer said.
"I think these two are rallying because their consistency had somehow made them persona non-grata in the wake of the election as we rushed for first the banks, then the materials and then the industrials," Cramer said. "Now, they seem peerless."
So Wall Street has put its faith back into the growth stocks, and Cramer thinks this trend could continue well into the year.
"Senior growth is back, and even though each of these stocks has its blemishes, they're being airbrushed one by one. I think the picture that's left seems quite rewarding, and I bet it lasts beyond the incredibly great first quarter of 2017," he said.
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