Tale of a Bullish Tape

We've got a tale of a bullish tape, and I want to share it.

First, the endless downgrades of the brokerage industry, particularly Goldman Sachs (GS - commentary - Cramer's Take) seems to have lost its impact as Goldman bounced off the $162 mark and flew up.

Let me just say for the record that the negative groupthink on Goldman has gotten so thick that if, per chance, Goldman does anywhere near the numbers out there now, you could catch a great return. Also, the notion that Goldman is somehow deeply wedded to the equities market hasn't been right for ages, so the estimate cuts may not incorporate other, better things that are occurring.

The JPMorgan (JPM - commentary - Cramer's Take) analogy may, alas, not be analogous. JPMorgan is still unwinding the Bear Stearns portfolio, and it isn't so hot. Remember that the brokerage stocks bottom when everyone has cut estimates -- and we sure have seen that happen. If you haven't cut them, buy now; you are talking total case of the "me to" effect.

Second tale: Macy's (M - commentary - Cramer's Take). Retail so wants to go higher here even if it shouldn't, and nothing is more emblematic of that than the negative things that Macy's had to say and how little it damaged the stock, which opened down and then rallied, despite an increase in oil!

Third tale: Toll Brothers (TOL - commentary - Cramer's Take). Initially the market didn't recognize at all how good Bob Toll's comments were and the stock got hit. The reversal is a loud and clear statement that things are getting better, not worse, in housing.

All three are defining this tape today, and defining it bullishly.

At the time of publication, Cramer was long Goldman Sachs and JPMorgan.

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