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Jim Cramer: The tech tyranny is over. These are the stocks driving this market

Published Sun, Oct 30 202210:17 PM EDT

Jim Cramer @jimcramer

Never have the bulls been more bashful and timid. Never have the bears been so ascendant and so wrong. Oh sure, the bears nailed Meta Platforms (META) and hit Microsoft (MSFT) out of the park. Amazon (AMZN) flopped. So did Alphabet (GOOGL). But when the bears — with the help of everyone in the media I know — tried to take down Apple (AAPL), they failed. Apple had an amazing quarter, but you had to actually understand something about Apple beyond the direction of the chart to get it right — and buy it hand over fist when the journalists took it down. Or let me put it another way: One month ago, when we went into October like slaughtered lambs, my friend Larry Williams, our greatest market historian today, said the bear was toast. He predicted one of the greatest rallies that we would ever see, led by the Dow Jones Industrial Average. And he was just dead right. Shockingly right. Now he saw historical parallels. I tried to incorporate as much as if his thinking as I could, but what I missed was clinging to some classic stocks that had made me so much money over the years, even decades. With the exception of Apple, they had to go. They still do, I fear, unless China changes, and China has become a horror show of a totalitarian nightmare. What did I miss? Simple: affection. The unwillingness to depart with companies that simply are the best we have. But that proved to be my biggest conundrum. The one thing I was certain about, for example, is that Nvidia (NVDA) has the most powerful chips in the world. The one thing I didn't see coming is that President Joe Biden would know that and ban them from China. I was sure that when I spoke offline with consumer packaged goods companies about who they were advertising with th