Dow Looks Safe From Credit, Food Inflation

JPMorgan (JPM - commentary - Cramer's Take) pantsed the Fed. How bad can that be, going forward?

People think that Citigroup (C - commentary - Cramer's Take) and GM (GM - commentary - Cramer's Take) could be the value dogs of the Dow. I don't, but so what. There's enough money that does. Bank of America's (BAC - commentary - Cramer's Take) value, too.

Alcoa (AA - commentary - Cramer's Take) could get a bid. GE (GE - commentary - Cramer's Take)? I own it, can't comment here.

So, we have 3M (MMM - commentary - Cramer's Take), which was a tad disappointing. Same with Microsoft (MSFT - commentary - Cramer's Take).

Hewlett-Packard (HPQ - commentary - Cramer's Take) will be better because of the weak dollar. And Intel (INTC - commentary - Cramer's Take) is dirt-cheap if AMD (AMD - commentary - Cramer's Take) keeps up its losing ways.

Disney (DIS - commentary - Cramer's Take), too, although this one's a real question market.

And I hate AIG (AIG - commentary - Cramer's Take), but so does everybody else ... maybe it doesn't matter.

Yep, there's just not enough credit here to reflect the credit crunch. There's not enough food inflation here to hurt the Dow. There's pressure on the financials, but they have financed themselves for at least another year. It's just not the kind of index that can make you bearish, when you pull it apart.

In fact, it makes you downright bullish, perhaps the only emotion that needs to be checked at the door.

Random musings: Helene's overbought analysis is a must-read. ... I am getting a kick out of Doug's "don't blame the short-sellers" stuff.

At the time of publication, Cramer held Verizon and McDonald's. Jim Cramer is a featured commentator for CNBC, which is owned by General Electric; as part of his contract, Cramer holds restricted shares in GE.

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