So Much Strength

This market shouldn't be this strong. The old market, the pre-March 6 market, would have taken its cue from Morgan Stanley (MS - commentary - Cramer's Take). We would have heard that the stress test might claim another victim.

Instead, we think of Morgan Stanley as an outlier and we focus on the big lending machine that is Wells Fargo (WFC - commentary - Cramer's Take).

We would have freaked out at the bad news from Capital One (COF - commentary - Cramer's Take), at the bad loans. Instead, you had to buy it in the aftermarket last night at $13 because the darned thing's unchanged.

We would have looked at GM (GM - commentary - Cramer's Take) and said, "Uh oh, here comes bankruptcy." Instead we say, "Look, there goes Ford (F - commentary - Cramer's Take) like a stone wall." We would have looked at Abbott Labs (ABT - commentary - Cramer's Take) and Procter & Gamble (PG - commentary - Cramer's Take) and just said that the big consumer product and drug stocks are so bad they might kill any rally. Instead, we cheer.

We would have said that Intel (INTC - commentary - Cramer's Take) reported a bad quarter and dismiss their "bottom" call; instead, the darned stock keeps climbing. Oh, and speaking of not bottoming, Norfolk Southern (NSC - commentary - Cramer's Take) was bearish last night about the prospects for a bottom, and its stock is rocking up!

Neither Freeport-McMoRan (FCX - commentary - Cramer's Take) nor BHP Billiton (BHP - commentary - Cramer's Take) had really good things to say, and people just bought them anyway -- and, when the refs did one of those "upon further review" situations on Caterpillar (CAT - commentary - Cramer's Take), they loved it.

This market's averages are marking time. The underneath dynamic, though, is as strong as I can recall since the year began.

At the time of publication, Cramer was long Freeport-McMoRan, Caterpillar, BHP Billiton, Abbott Labs and Wells Fargo.

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