'Surprising' News Keeps Us Moving Higher

Everyone knows things, but foreknowledge doesn't seem to matter. When results are officially "announced," everyone who knows things still acts surprised.

Did anyone not think that April was strong? It was a monster month vs. expectations.

Take Wal-Mart (WMT - commentary - Trade Now). How in heck did anyone think it wouldn't be better? But analysts downgraded on March!

Did anyone think that Target (TGT - commentary - Trade Now) wouldn't make some better money than the expectations? I don't get it at all.

Macy's (M - commentary - Trade Now)? Same. Kohl's (KSS - commentary - Trade Now)? JC Penney (JCP - commentary - Trade Now)? All known.

This is totally the process of already knowing and yet being surprised. Last week I said retail sales would be the litmus test of what could happen with Doug Kass' thesis of a possible topping out.

We can't get it as long as we are surprised by the non-surprises.

Random musings: We're telling Action Alerts PLUS people that Cisco's (CSCO - commentary - Trade Now) John Chambers is making a Fred Smith call, a la bottom, or a Rupert Murdoch call. It's the same. ... Shorting these banks at $3 to $5 has been revealed as a bogus trade. ... Oil and nat gas are on fire again. Nat gas has bottomed. Stocks go higher again. The group is still underweighted as the BP (BP - commentary - Trade Now) haters of the world said the dividend was in jeopardy under $45 oil; we're far away from that now.

At the time of publication, Cramer was long Wal-Mart, Cisco and BP.

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