Jim Cramer fills his blog on
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.
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, 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
(GIS - Get Report)
(PEP - Get Report)
(ABT - Get Report)
(the last one benefits from an upgrade) to be something so bullish that it makes me lean more closely to
. 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
(MS - Get Report)
(GS - Get Report)
. Of course, traders are telling me that they aren't rallying because traders got the call Friday that
was going to write about them positively, but I am sure
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
. 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
(PG - Get Report)
, General Mills, Abbott and
. Turnaround is
(UNP - Get Report)
(NSC - Get Report)
(CSX - Get Report)
. Banking? Obviously
Bank of America
(BAC - Get Report)
(WFC - Get Report)
, the two banks that
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
. 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.