Cramer: May Sell-Off Omen or Buying Opportunity?
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With the stock market again closing at another all-time high, it seems a growing chorus of analysts and pundits are turning skeptical of the advance.
They insist the market can't go any higher because earnings from bellwether companies sometimes showed little revenue growth. Those same skeptics say Europe remains too much of a wildcard for the rally to endure, and they argue the ripple from the sequester will be catastrophic. They even worry that the Fed will end its .
Jim Cramer, however, just doesn't get the negativity.
Not only have those same catalysts loomed in the market for a while, Cramer thinks the nay-sayers have prevented Wall Street from appreciating all that's good.
And Cramer believes there's a lot of good.
For example, he said that the Dow Jones Industrial Average has yet to have a 3-day losing streak during the 81 trading sessions we've had so far in 2013.
"Do you know this is the first time in history that index has gone this far into a year without posting three consecutive losses? Think of the degree of difficulty that record implies," urged Cramer. "It means we have had many days where the market looked weak, but buyers came in to buy stock."
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In addition, Cramer reminded that the S&P 500 ended April higher, that's the 4th monthly gain this year. According to research from BTIG in other years when that's happened, the market has rallied into year-end 14 out of 15 times. And it gains on average 9%!
On top of that, indexes gained 5 out of 8 times in May when they gained more than 10% from January.
Cramer thinks those statistics are remarkable – yet they are all but being ignored.
In turn, Cramer finds pessimism particularly concerning at this junction in the calendar because Wednesday is May 1st – and some investors may be inclined to 'sell in May and go away.'
However if you're among the market skeptics, Cramer thinks you'll regret leaving.
First, history doesn't currently support the thesis, he said.
But moreover, Cramer thinks there's an underlying strength in the economy; a strength due to top themes he's advocated for quite some time such as the renaissance in housing, renewed strength in banks, investment in aerospace, and even a bottom in Europe.
All told, Cramer remains a strategic buyer.
"Put together all of those statistics and fundamental themes and the best thing you can do if the market goes down in May is to buy, not sell," Cramer said.
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