Cramer: Forget Comey—here are the market stories really worth watching

On a day where the major averages inched up, seemingly unphased by the congressional hearing of former FBI Director James Comey, Jim Cramer found a different story worth noting.

"I think the story is much less about Director Comey versus President [Donald] Trump than it is about two stocks: Nvidia versus Nordstrom," the "Mad Money" host said. "I know, I know. Only I could really boil down a constitutional crisis into two stocks, but that's alright. They're jumping. I can do it because as riveting as the Comey testimony was, to me it means only one thing: forget about Washington ... if you're looking for anything good."

While the hearing is bad for Trump's pro-business economic agenda, Wall Street was focused on these two other stories, which Cramer said represent the conflict of growth versus value.

Nvidia is one of Cramer's 15 secular growth stocks that maintain their strength in the face of bad headlines, and amid the onslaught of Comey news, shares of the semiconductor company climbed over $10 today after a Citigroup analyst gave the $160 stock a $300 price target.

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"Today's move is the equivalent of the buyers saying Trump's tax cuts, they're finished. Forget about them. So we've got to buy the stocks of companies that can do well without any help from Washington whatsoever," Cramer said.

As for Nordstrom, shares of the retailer popped after the family that owns it said it would explore taking the chain private. The stock jumped 8 basis points on the move, eventually sliding halfway back down and settling up $4.15.

"I think it's silly that it went down at all," Cramer said. "If Nordstrom's going to go private, and I think it will, it will fetch a much higher price. I bet the company will indeed go for sale."

Private equity firms will likely jump at a chance to buy the highly profitable retailer, especially those with half a trillion dollars in assets, the "Mad Money" host said.

While the company has missed several quarters lately due to the slow and painful demise of shopping malls, Cramer said that Nordstrom's investments in e-commerce and its discount chain, Nordstrom Rack, could brighten the company's prospects if it does go private.

"Taking itself private might allow Nordstrom to do even more, and then perhaps one day when the prospects for brick and mortar seem less grim, the company can come public again at a big profit to the new owners," Cramer said.

Nordstrom's future remains unclear, but its move on Thursday made Cramer wonder whether the market is seeing a larger rotation into value stocks.

Value supermarket chains Kroger and Whole Foods also rallied, and the value financials and value oils saw a bump.

Cramer attributed the bank stocks' rally to anticipation ahead of next week's Federal Reserve meeting, in which the central bank is expected to raise interest rates, and the oil rally to those stocks trying to stabilize ahead of the "Mad Money" host's $43 target for a bounce.

"Of course, 'bounce' is the operative term for the banks, the oils and the retailers. These are trades, people, as part of a difficult rotation spurred by a higher Fed funds, the potential for a Nordstrom buyout, and oil plumbing for a bottom," he said. "The moves don't have staying power, although I repeat that I think that Nordstrom's stock is too low and should be bought here, and that some of the banks and oil stocks have finally gotten too cheap to ignore."

And if Trump manages to take control of the narrative after the Comey hearing blows over with talk of tax cuts, Cramer said Wall Street could see the rally continue.

"Right now, the story is that we've got a good trade going in retail, banks and oil, along with solid investments in the anointed growth stocks I mentioned. ... And let's throw in FANG and Alibaba, my absolute favorite red-FANG Chinese stock," the "Mad Money" host said, referencing his acronym for Facebook, Amazon, Netflix and Google, now Alphabet. "Whatever happens in Washington, I say invest in growth on weakness and try your trading hand at value if you want to. Both seem to have a way of working, even when you least expect them to."

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