Too few bulls, so when we see something like a statement that says we see strength and weakness, I can make a case for everything. Believe me, if we were overbought, I would really be worried about everything, particularly the commodities. But think of it like this: The Fed is worried about commodities but not willing to do anything yet. The Fed is also worried about economic weakness but isn't sure if things aren't getting better.
That's something I like, because I can buy a lot of things based on it. If I am bullish on the stocks that need commodities down -- Pepsi (PEP - commentary - Cramer's Take), Coca-Cola (KO - commentary - Cramer's Take), etc., then I have something to like. If I think that they are worried but not doing anything yet about commodities, I can go buy Freeport-McMoRan (FCX - commentary - Cramer's Take).
I wouldn't buy either if the market were overbought.
That's OK. There are too many, bears and the fed is willing to tolerate more inflation -- Steve Liesman's thinking from CNBC -- so you have to buy something to get exposure, because the Fed isn't taking away the punchbowl, but it sure isn't spiking it either.
At the time of publication, Cramer was long Freeport-McMoRan.
Jim Cramer is a director and co-founder 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.
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