Dow Looks Safe From Credit, Food Inflation

I want to be a bear! Housing prices down huge. Food prices up huge. Employment down huge. Gasoline up huge.

But let me ask you, what happens if something goes right? It's obvious that everything is going wrong, and the usual refrain is that the market must be killed because of it.

However, you just need to go through the Dow Jones Industrial Average to grasp the lack of import there is to these issues. Pfizer (PFE - commentary - Cramer's Take)? Merck (MRK - commentary - Cramer's Take)? Johnson & Johnson (JNJ - commentary - Cramer's Take), AT&T (T - commentary - Cramer's Take)? Wal-Mart (WMT - commentary - Cramer's Take)? Merrill upgrades today.

They all do fine in this environment. American Express (AXP - commentary - Cramer's Take)? Fine short until yesterday. United Technologies (UTX - commentary - Cramer's Take) and Caterpillar (CAT - commentary - Cramer's Take) already reported terrific quarters in this environment. Boeing (BA - commentary - Cramer's Take) did, too. And the outlook for all three is actually better than it was before because of secular concerns going their way and a terrific weak-dollar story. Same with McDonald's (MCD - commentary - Cramer's Take), which is doing so well internationally that we have a "who cares" domestic story.

IBM (IBM - commentary - Cramer's Take) blew numbers away and is very cheap. Don't look to Chevron (CVX - commentary - Cramer's Take) or Exxon (XOM - commentary - Cramer's Take) for weakness in this environment. Nor Du Pont (DD - commentary - Cramer's Take), which is propounding insulation and seeds, two sweet spots. (This is Day Three of the oil decline, which points to Monday buying.)

I don't expect Verizon (VZ - commentary - Cramer's Take) to be that deviant from AT&T. Coke (KO - commentary - Cramer's Take) was fine, and I don't expect Procter (PG - commentary - Cramer's Take) to be any worse. If we get a turn, Home Depot (HD - commentary - Cramer's Take) is the No. 1 name.

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