Consider the Good

Some good! Not all bad! Emerson (EMR - commentary - Cramer's Take) shows what could happen to a bunch of industrials that are prepared for the downturn -- it is what could happen at GE (GE - commentary - Cramer's Take) if it would ever shrink the financial services business. It is what has happened to Honeywell (HON - commentary - Cramer's Take), but nobody cares. I thought it was happening at 3M (MMM - commentary - Cramer's Take), but nothing seems to matter.

Merck (MRK - commentary - Cramer's Take) and Schering-Plough (SGP - commentary - Cramer's Take) remind you that pharmaceuticals can deliver even better than consistent earnings, and Schering shows the value of a pipeline. We have become used to pharma disappointment, but Schering's just delivering, despite the strong dollar and the bad publicity for the cholesterol drugs. I'm surprised the stock's not higher.

I don't buy the rally in UPS (UPS - commentary - Cramer's Take), but it's happening, and while I would take profits for fear that this is the next 3M -- number people liked it, then the stock went down 9 points -- you have to take any rally when you can get it.

D.R. Horton's (DHI - commentary - Cramer's Take) similar. I saw nothing good in that quarter, but people are believing we are six months from bottoming. Integral to my bottom thinking is that a major homebuilder has to go under. Horton's not going to be one. People are cheering its cancellation rate, down 35%, as the rest of the gang of ne'er-do-wells is running at 50% or worse. People like it. Again, I disagree, but I can't quibble with a rally.

Same with Dow Chemical (DOW - commentary - Cramer's Take), which I don't trust at all. Simply awful quarter, but the stock's not going down.

Plus, some bouncebacks, like BP (BP - commentary - Cramer's Take), which is now up after a miserable opening down 4.5% in Europe. That matters.

I said to buy Verizon (VZ - commentary - Cramer's Take) on the weakness and that weakness would be a momentary pause. Now Verizon's above where it reported and the news is all good. Constant pattern. Constant. One of the few that has been bankable throughout the era.

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