A Discouraging Up Market By Jim Cramer RealMoney.com Columnist 1/7/2008 12:01 PM EST

Look, it's a crummy market. The stuff that is going up is just recession-proof stuff.

Pepsi's (PEP) the best example. Pepsi is all about making the numbers plus a penny.

Or Altria (MO) . There was nothing new in that target bump. Didn't mean a thing. Just another good data point to talk about.

Rumors of BUD (BUD) being able to put through a price increase means a run to $55.

Lilly (LLY) and Abbott (ABT) , no different. Same with J&J (JNJ) and Merck (MRK) . Schering-Plough (SGP) should be ready to roll. I know I am betting that way.

Plus the Medco Health (MHS) , which never quits in this environment.

Never.

I bet P&G can play catch-up. And keep an eye on Unilever (UN) , that's breaking out, too.

Meanwhile, we are just seeing continuing degradation in Hewlett-Packard (HPQ) , EMC (EMC) and all other hardware that is just all recession, too.

Again, discouraging.

Just discouraging.

At the time of publication, Cramer was long Altria, Schering-Plough, Hewlett-Packard and EMC.

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