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NEW YORK (
) -- Today was a bizarre day, one where the news of individual companies actually mattered, Jim Cramer said Wednesday. He told
viewers that after today's strong Wall Street rally they should savor the gains for tomorrow we'll all likely be right back to worrying about Europe.
On a day when the European Central Bank made a rare statement exuding confidence that member banks aren't on the brink of collapse, Cramer said the bullish news from U.S. companies took center stage. He said companies such
Snap on Tools
told investors their businesses are strong thanks to increasing auto sales while many home builders received analyst upgrades thanks to robust spring sales.
Cramer said that U.S. companies are obviously doing well when a $30 million secondary offering from
can net investors a quick 4.1% gain.
Dick's Sporting Goods
(ULTA - Get Report)
, all of which had positive things to say about their business.
As for Federal Reserve Chairman Ben Bernanke's testimony Thursday, Cramer said he doesn't want to hear about another rescue package, he expects to hear that the U.S. is doing just fine and will be doing even better once the overhang of Europe has gone.
So while it may be fleeting, Cramer said investors should cherish today's gains while also being prepared for the debacle in Europe to rear its ugly head again tomorrow.
Playing High-Growth Companies
The high-growth sector is one that can make investors a lot of money if they know how to play it, Cramer told viewers.
Cramer explained that it make seem odd to group together stocks like
Chipotle Mexican Grill
but all these companies have one thing in common -- high growth -- and that makes them all attractive to mutual fund managers.
That's why when a company like Ulta Salon reported blow-out earnings that rose 47% on a 10% rise in same-store sales, the rest of the high-growth names followed Ulta's seven point rise.
Cramer said Ulta had a lot of positive things to say in its quarterly results, including increasing gross margins and increased expansion plans to increase from 470 stores to 1,200 instead of the previously planned 1,000 locations. But that does not mean investors should run out and buy Ulta, cautioned Cramer. He said investors should never chase momentum stocks because the same mutual funds that love them can also turn on a dime.