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NEW YORK (
) -- "We're running out of reasons to hate stocks, " Jim Cramer told his
TV show viewers Monday, after another strong rally on Wall Street.
Cramer said the facts haven't changed, they simply weren't as bad as people forecast.
Cramer explained that all of the negativity on Wall Street only made sense if the economy was following the 2008 scenario into a steep recession. But with a Lehman Brothers-style collapse in Europe increasingly being taken off the table, the reasons to hate stocks are diminishing.
The markets have been helped by a number of factors, said Cramer, including the news that the euro nations are now willing to nationalize their weakest banks and are willing to work together to bail out others.
Here at home, Cramer noted that our economy has been aided by a 75- cent drop in the price of gasoline, which led to a stronger-than-expected back to school shopping season. Even hiring and rail car volumes are beginning to look up.
Cramer said there are still some negatives in the markets, like the price manipulation of oil, and the fact that the banks still have serious headwinds to combat. He still advised selling any and all banks stocks that may still linger in investors' portfolios.
That said, Cramer noted that the cyclicals and the oil stocks are now ripe for the picking, especially the ones with dividends that pay investors to wait for the recovery to fully materialize.
"2008 is not the right scenario," Cramer concluded, "and after today, that should be obvious to everyone."