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NEW YORK (
) -- "We're in a global economy, where individual sectors are no longer held captive by their old leaders," Jim Cramer told the viewers of his
TV show Wednesday.
He said while the bearish pundits believed the markets would teeter on the earnings from
, two stocks which Cramer owns for his charitable trust,
Action Alerts PLUS
, the markets had other ideas.
Cramer explained that there was no pin action from the so-so earnings from these two companies because the markets are now global, and they take their cues from many places. He said "we're rewriting American investing history," adding the old investing mottos and strategies simply no longer apply.
Cramer said the markets were instead taking their cues today from the rising rise of copper and gold, along with the rising price of grain. He said it was taking cues from the strong earnings of railroad
, which is signaling rising global economic activity.
Cramer asked, who needs Intel, when the markets are getting strong earnings from
, another Action Alerts PLUS name. Who needs JPMorgan when the markets have
Cramer said he can't blame the bears for their old beliefs. In the old stock market, they rang true every time. But in today's market, the bears just keep looking silly.