Watch the Action, Not the Headlines

Emerging markets are way too dangerous to invest in... Beware of red-hot European retailers... Time for a retest back to the lows of March... Oil's way too high and will stifle a recovery... The Fed hasn't been able to keep mortgage rates down long enough to be meaningful...

These are the headlines that I saw this weekend. I must have checked 10 papers around the country, and not one mentioned how great May was or that many stocks have rallied to what seem like breakout levels.

I also read, of course, the obligatory half dozen stories about how I am more dangerous than ever because I like the market.

Sheeesh!

What are they saying about the people who told you to sell in May and go away and miss 4%? What are they saying about the people who told you to stay away because you are about to be snookered? What are they saying to the bears who believed that all banks should be nationalized? If this is the heat I get when I am right, one could only imagine how bad it would be if I were wrong!

In truth we are at a point where the market should be pulling back. The GM (GM - commentary - Trade Now) bankruptcy, with terms that apotheosize labor, is amazingly negative for equities. The fact that GM's only assets that are worthwhile are being stolen by our foreign trading partners is even more galling.

Still, I am the first to recognize that it doesn't matter.

I believe that there will be sellers who come into the market early tomorrow who want to show you that the move was all end-of-the-month mark-up.

But they will be overwhelmed by mutual fund Monday and the 401(k) and IRA money that comes in at the first of the month.

The headlines are plenty negative. However, the action is plenty positive. The action is what matters.

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

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Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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