A Bullish FedEx Is Always a Good Thing

FedEx (FDX - commentary - Trade Now) says a boom is coming. Look at this stock: It never quits. Every time you think it is over -- like when it reported recently -- the stock drops, then stabilizes and roars ahead. This time the excitement revolves around a German magazine interview with a FedEx executive saying the second half pickup has begun. (Sometimes I wonder if a stock like FDX could be moving the whole market here!)

I think FedEx is the single best gauge of worldwide commerce. If it sees a turn, there is a turn.

Now, if you think back to when we last left FedEx, the company reported a so-so number and then allegedly guided down. (I say "allegedly" because it had never offered guidance to begin with.) I think that FDX's mention that things have turned up is consistent with the company's trajectory -- first, a statement that the bottom is in; second, a statement that says the bottom is confirmed; and now a statement (albeit in some strange place) that the turn has occurred.

I think most people are presuming a double-dip because of the employment report. There's no double-dip at FedEx.

So maybe there is no double-dip at all.

Random musings: Looks like Hershey (HSY - commentary - Trade Now) is breaking out here and Procter (PG - commentary - Trade Now) is making a comeback. The former had a great quarter and is levered to lower gasoline prices, as it is an impulse buy at convenience stores. I think Procter is playing catch-up even though its business is none too hot. ... Doug Kass covers shorts -- time to go long? That's been the pattern!!

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

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