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Jim Cramer's Best Blogs

Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:
  • Bernanke's newfound bullishness,
  • the way of the typewriter, and
  • a mighty trio.
Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.

Bullish Ben Puts the Markets on His Back
Posted at 11:05 a.m. EDT, March 16, 2009

We're seeing some really strange and positive market behavior this morning. We have a confluence of bullishness.

I find the rally in the transports and the simultaneous rally in the soft goods like General Mills (GIS - Get Report), Pepsi (PEP - Get Report) and Abbott (ABT - Get Report) (the last one benefits from an upgrade) to be something so bullish that it makes me lean more closely to Doug's camp . The rails rally truly on the prospect of economic strength, because I have to tell you they have none right now. The food stocks rally on the lack of inflation. The bank stocks rally, too, except Morgan Stanley (MS - Get Report) and Goldman Sachs (GS - Get Report). Of course, traders are telling me that they aren't rallying because traders got the call Friday that Barron's was going to write about them positively, but I am sure Barron's did its best not to have that happen ... although it is hard not to have it happen.

What's the common theme of all of these? Ben Bernanke's two-part interview on 60 Minutes. If you parse it, here is what you get: He specifically said we are going to have growth without inflation, a turn in the economy perhaps before year-end, and a saving of the bank system without the need to nationalize.

Growth without inflation is Procter (PG - Get Report), General Mills, Abbott and Unilever (UN). Turnaround is Union Pacific (UNP - Get Report), Norfolk Southern (NSC - Get Report) and CSX (CSX - Get Report). Banking? Obviously Bank of America (BAC - Get Report) and Wells Fargo (WFC - Get Report), the two banks that must be ring-fenced if we are going to get out of this.

Bernanke cannot save the industrials right now because of near-term earnings risk, hence Illinois Tool Works (ITW). He also can't turn defense and farming, although those are happening. Oil is, as always, a wild card.

But the tone is good, the shrug-off of the profit-taking encouraging, and the "action" strong.

At the time of publication, Cramer was long Pepsi, Union Pacific, Unilever, General Mills, Abbott Labs, Wells Fargo, Morgan Stanley and Goldman Sachs.
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