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NEW YORK (
TheStreet) -- "Enjoy the reprieve," an upbeat Jim Cramer told his "Mad Money" TV show viewers on Wednesday. "This time, it might actually last for a week or two," he continued, as he opined on today's seemingly illogical market action.
Cramer said its rare to find a day when defensive, recession stocks like
HJ Heinz(HNZ) and
Colgate-Palmolive(CL) rally at the same time as cyclical stocks like
Boeing(BA), but that's exactly what happened today.
What's the reason? Cramer said the recession names continue to trend higher every day there is no definitive resolution in Europe. He said the thinking is that a slowdown there will eventually spell a slowdown for the U.S. Meanwhile, the cyclical stocks rallied on a research report from
JPMorgan Chase(JPM), which said that China may be done raising interest rates, one of the 10 things Cramer said was needed for a sustainable rally.
Cramer said this seemingly benign report holds the key for many stocks, as China is the growth engine for many industries. He said stocks like
Cummins(CMI), two stocks which he owns for his charitable trust,
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, both rely on a healthy Chinese economy, as do other less obvious names like
Cramer said the positive Chinese news has also turned his position on tech stocks, which he now feels are a buy, a full 10 days ahead of when he would normally recommend tech based on their traditional seasonal weakness.
Also on Cramer's buy list,
Wynn Resorts(WYNN), levered to the Chinese Maccau region, along with coal players like
Cliffs Natural Resources(CLF) and