Some Big News the Media Ignored on Wednesday

If investors want to increase their chances of making money in this market, they better start by ignoring much of much of the media’s take on things. Never was that more obvious than after two huge pieces of news we heard today were completely ignored by the press.

First, jobless claims. After months of repeated fears that this key number would never drop, Wednesday brought us some much-needed good news. Where jobless claims had been stuck in the high 400,000s, they were down to 435,000 for the week ended Nov. 6. Cramer called is a “dramatic positive.”

Then there was news that a buyout firm wants to take BJ’s Wholesale Club private. Think about this for a second: In the face a constant drumbeat of negativity about the economy, someone wants to buy a major consumer play. That, too, is a bullish sign.

What did we read about instead? What storylines dominated the news even while these upbeat events were unfolding? Oh, that the US’s G-20 trading partners are mad at us and that Bank of America Merrill Lynch downgraded the apparel stocks.

That’s right, the media completely overlooked the critical importance of job creation—that it helps stabilize the housing market, boosts the credit markets and gets consumers spending again—to talk about the wrinkled looks we’re getting from China and Germany. But it’s that good jobless claims number that drove the banks higher on Wednesday. And this group, along with a retail sector that continues to grow stronger, that will help to take all stocks higher.

And why would BofA downgrade the apparel makers anyway? In the face of Polo Ralph Lauren’s brilliant quarter, which sent the shorts scrambling to cover their bets up $7? Not to mention, just a couple weeks ago children’s retail clothing store Gymboree got a bid to be taken private as well. It’s further proof that the sector holds some as yet unlocked value, and retail stocks are “too cheap,” Cramer said.

So beware the media’s “selective negativity,” as he called it. In the end, it could cost you.

“Here’s what really matters,” Cramer said. “The market itself isn’t focused on the new negatives. It’s focused on what’s truly important, not faddishly important, which means the employment claims and the buyouts, not the bogus, blown-out-of-proportion doom-and-gloom stories that the media seems addicted to. The market isn’t fooled, which is why it spent the rest of the day rallying from a really ugly opening. You shouldn’t be fooled either.”

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