You Can't Stop This Nasdaq Juggernaut

The Nasdaq united will never be defeated. For those of you who were protestors for just about every cause at college, you know that familiar ditty, except it was "the people" back then. But I keep thinking about it because of how united the Nazz is on days like today, with every oar pulling in the right direction, from restaurant chains to tech (particularly cell phone tech, which I have pushed endlessly) to biotech (thanks Genzyme (GENZ - commentary - Trade Now)) to infrastructure plays like Bucyrus (BUCY - commentary - Trade Now) and Joy Global (JOYG - commentary - Trade Now).

This remarkable move is once again completely ignored, this time because Apple's (AAPL - commentary - Trade Now) down on some profit-taking. I would have thought that Intel's (INTC - commentary - Trade Now) wakeup call could stir some enthusiasm, but that would require a suspension of all the bear-market prisms that have ignored a market that is up 17%, better than every year save one -- the end of the Nazz bear market, in 2003.

Oh, and wouldn't you know it? Nasdaq, oil and banks -- the trinity, stronger than ever -- shaking off another morning dip that comes from the fading of any strength. We will not have a decline as long as these three sectors are in sync. I am amazed at how well the Schlumberger (SLB - commentary - Trade Now) / Transocean (RIG - commentary - Trade Now) stocks react, as they are in super-bull-market mode. JPMorgan's (JPM - commentary - Trade Now) still trading above the huge soggy secondary. (Bond auction good? Why not just call it bad, because it would fit a bear thesis?) And of course, there's tech. Endless tech.

I can spin this pretty negative if you would like it: The steel stocks are up, and those are high-inflation stocks, so that must be the end of the good news, right? You have to be pretty frightened that Wells Fargo (WFC - commentary - Trade Now) didn't make the TARP payback cutoff, no? And worst of all, Google's (GOOG - commentary - Trade Now) down a buck and change! Oh heavens! Who the heck would have thunk it? Must be the end of the road, for certain.

Random musings: Don Dion joins us on RealMoney. I have been reading him for some time because of the ETF-ization of the stock market and the fact that these tails endlessly wag the market dog. He is a must-read and I am so excited he is here. Please welcome him as part of the new, upgraded RealMoney ... How about the pass that Laffley's gotten at Procter (PG - commentary - Trade Now) after the pantsing that company has taken at the hands of Colgate (CL - commentary - Trade Now)!

At the time of publication, Cramer was long JPMorgan and Wells Fargo.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

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.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.