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Cramer's 'Mad Money Recap': Skip the Fed Watch

04/28/08 - 07:55 PM EDT

TheStreet.com Staff

Click here for an archive of Cramer's "Mad Money" recaps.


"Ladies and gentlemen, the upcoming Federal Reserve meeting is irrelevant," Jim Cramer told viewers of his "Mad Money" TV show Monday.

"Interest rates are low enough that they just don't matter to stock prices anymore," he said.

Cramer: What Buffett's Wrigley Move Means for Banks

According to Cramer, investors should ignore the deluge of press coverage regarding the Fed's meeting on Wednesday and focus on what is really driving the equities markets: earnings, valuation and the momentum of the worldwide economy. "Rate cut or no rate cut, I'm bullish," he said.

He said U.S. companies stand to do well because of the weak dollar and cheap labor. He cautioned the only areas to avoid are the financials, the retailers and domestic restaurants.

Cramer said investors need to set aside their worries about the Fed and focus their attention on the equity markets. He said most of the stocks on the Dow are insulated from the recession while others are doing nicely, thanks to growing overseas sales.

He also said most stocks are in parts of the market like oil, gas, agriculture and infrastructure are not controlled by the dollar. "Our market is driven by trade and budget deficits and the price of oil," he said.

Finally, Cramer said he's bullish on stocks because of the "fantastic" earnings he's seen during this quarter. And he reminded his viewers that earnings control stock prices, not the Fed's interest-rate moves.

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At the time of publication, Cramer was long EMC.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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