This Market Knows Something We Don't

Just as when Doug Kass says, "Tell me something I don't know," I think this market knows something we don't know, either about a turn in commercial real estate to rival that of residential -- the real estate investment trusts are holding in well -- or a second stimulus plan, a real one that will put more people to work.

The employment numbers aren't good enough to merit this kind of rally, and we know the layoffs for June were preposterously high. We know that the auto build will be slightly better than expected a few months ago, but it's still pathetic and the auto idlings are about to start.

Still, the rails like Union Pacific (UNP - commentary - Trade Now) and the coppers and minerals like Freeport (FCX - commentary - Trade Now) are so, so strong that it makes me feel like something's imminent.

Of course, it could just be a gigantic inflow for the beginning of the month, but this market, as exhibited by the utilities and by the REITS and industrials and perhaps most important by the corporate bonds, makes me feel like we have a growth-with-little-inflation rally going on, and that's the best kind of rally you can have.

Random musings: Pending home sales data this morning is consistent with the bottom and should compel some serious buying in Bank of America (BAC - commentary - Trade Now), JPMorgan (JPM - commentary - Trade Now) and Wells Fargo (WFC - commentary - Trade Now), which have lagged.

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

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