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 Merck (MRK), HJ Heinz (HNZ) and Colgate-Palmolive (CL) rally at the same time as cyclical stocks like Chevron (CVX), 3M (MMM) and 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 Caterpillar (CAT) and Cummins (CMI), two stocks which he owns for his charitable trust,