NEW YORK (TheStreet) -- "An absence of bad news, coupled with good news from beat up sectors...that's a recipe for a rally," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, as he opined on the day's trading action.
Cramer said investors will never hear an apology from the media for making stories out to be bigger than they actually are, but it finally looks like the endless parade of worries over Japan, Libya and Portugal are no longer rattling Wall Street. Couple this trend with some good news out of a few hated sectors, and he said that's what powered today's rally.In the tech sector, Cramer said Micron Technologies (MU), makers of memory chips, surprised Wall Street with strong earnings, while positive news from Red Hat (RHT) sent cloud computing stocks Salesforce.com (CRM) and EMC (EMC) , a stock which Cramer owns for his charitable trust, Action Alerts PLUS, higher on the day. Cramer said the tech stocks also received a boost from Drugstore.com (DSCM) getting a bid from Walgreens (WAG) and an upgrade on Amazon.com (AMZN). Outside of tech, Cramer said we might have seen a bottom in Costco (COST), Chipotle Mexican Grill (CMG) and Panera Bread (PNRA), as all three of these names were higher on the day.
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