A Slight Breeze Lifts Procter & Gamble

Procter & Gamble (PG - commentary - Trade Now) is turning from bad to good. It has the lowest bar, it has screwed up the most, it has the most headwinds. But when the dollar goes down and the management feels compelled to make changes -- which they do when they are off kilter -- you get this kind of run.

Look, we are in a serious bull market here, and people want to own anything that has fallen back, and they will use any reason to do so. That's what you see with the ramp in McDonald's (MCD - commentary - Trade Now) here, with the Deutsche Bank upgrade that talks about meager issues like the coffee initiative as a catalyst. Also, commodity pressure is coming down.

But the main reason to recommend it is that it hasn't moved.

That's the essence of the PG action. It has lagged, it is historically cheap, it doesn't have any momentum, and it can catch fire if management expresses anything new about its business.

PG has had these prolonged periods of underperformance and then it pulls a rabbit out of the hat. When I look at the Barclays upgrade today, I am, as with MCD, struck by the fact that there's really nothing here at all except "just you wait."

But when you have commodity headwinds going down and you have the dollar going your way, you don't need to do much except grind away. Anything new and different takes PG to $60, even though it has moved a lot already.

Just the nature of the moment.

At the time of publication, Cramer had no positions in stocks mentioned.

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Know What You Own: In Wednesday's midday trading, the most active stocks include Bank of America (BAC - commentary - Trade Now),Citigroup (C - commentary - Trade Now), the Financial Bull 3X (FAS - commentary - Trade Now), the Financial Bear 3X (FAZ - commentary - Trade Now), the S&P Depositary Receipts (SPY - commentary - Trade Now), the Financial Select SPDR (XLF - commentary - Trade Now) and General Electric (GE - commentary - Trade Now).

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