While people were glued to the Super Bowl, the Mad Money host was searching for a broader theme that could overwhelm the prevailing nonsense that ruled last week's markets, troubles that once again wreaked havoc today, as the Dow shed 103 points and the S&P 500 gave up 1 percent.
Cramer thinks he found one in the Philadelphia Semiconductor Index, which is the repository of many companies that are having a renaissance right now. Although there was a lackluster response to these companies' earnings reports, Cramer wants to point out why investors should care about them.
"This is one of the few groups that can do well,” Cramer said, “regardless of any big-picture economic problems.”
Cramer said investors need to comprehend two concepts, cyclical and secular growth. Cyclical refers to a company that may not have control of its destiny and bends according to the economies around the world, which is a sign of weakness. Secular means a company has something else going for it besides the economy, a trend that’s bigger than anything the business cycle can throw at it. And, Cramer said investors will pay a premium for this type of stock.
Now, almost every single semiconductor company – Intel, Xilinx , Marvell Technology Group, Cypress Semiconductor , Broadcom , Avnet, Altera , Texas Instruments and many others – has reported blow-away numbers. But the analysts have chosen to view the gains as a cyclical phenomenon, based on worldwide economic recovery. Cramer said that is wrong.