Resistance Is Futile

Hard to believe but the raid on Goldman Sachs (GS - commentary - Trade Now) failed to spill over to the rest of the market as tech, oils and minerals (i.e., the commodities) combined with retail to trump the financials. We are simply rolling back Lehman; that's really what's going on here. We are coming back from under one day at a time, one industry at a time, and we are still recovering from hedge fund hell, that horrible period where hedge funds were being margin called out of existence and kept selling and selling and selling every single commodity play.

Who knows where Freeport McMoRan Copper & Gold (FCX - commentary - Trade Now) should have really gone? Or Occidental Petroleum (OXY - commentary - Trade Now)? Or BHP Billiton (BHP - commentary - Trade Now)? Maybe these should never have been where they went to. I think that this is one of those markets where the buyers are as voracious in walking up their longs as the sellers were in blowing them out last year.

All day today, I heard resistance to anything positive out there. I spent more time hearing about PepsiCo (PEP - commentary - Trade Now) and Target (TGT - commentary - Trade Now) (negatives on those) than I did on the 70-something new highs and the extraordinary performances of so many retailers.

So many people told me how wrong the action was that I began to think that maybe I just don't understand what the game has morphed into, something where you criticize the action and pooh-pooh it or something where you try to analyze it and make money from it. On days like today, I feel outmoded that I am from the latter camp. I am, in the end, with Ron Insana on this one: You cannot fight the tape.

Look, there are a ton of things that are bad out there. Tons. But not everything. Retail is better than it should be. The stock market likes that even if the theoreticians don't.

Random musings: Cool slideshow of perhaps soon-to-be-delisted stocks that you can see if you click here.

At the time of publication, Cramer was long GS and PEP.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

At the time of publication, Cramer was long GS and PEP.

Jim Cramer is co-founder and chairman 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. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.