Do Financials Even Matter Anymore?

How about this -- a rally NOT led by Apple (AAPL - commentary - Cramer's Take) and MasterCard (MA - commentary - Cramer's Take)? A rally with no participation from the financials. This is a rally led by other forces -- the oils and the steels and the coppers and the fertilizers.

I have been so conditioned to think that without Apple and MasterCard, people wouldn't even buy!

OK, that's a little extreme about Apple and MasterCard, but what I see happening is that the financials are getting so small and the oils so big that it is possible, seriously possible, that the S&P can rally without the once-most-important cohort to this market. I wonder whether we could get to the point where the commodity stocks have so much market cap by performance that they can make the financials irrelevant, and that as long as we don't lose some tech, well be just fine.

What's most remarkable is that the macro couldn't be worse after this confidence number and the housing number. But market players just don't believe you can have a recession if commodities are running.

This is an amazing market. It is confounding all but those who view the changes within the S&P as a better way to look at things. Maybe we just don't need Fannie (FNM - commentary - Cramer's Take) and Citi (C - commentary - Cramer's Take) and the others anymore? Just like the commodity stocks in another era.

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

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