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NEW YORK ( TheStreet) -- Our inferiority complex is blinding us to what's driving stocks higher, Jim Cramer told "Mad Money" viewers Monday. Cramer said too many investors are being thrown off by U.S. worries and aren't looking at the world at large.
While it's true that many investors took President Obama at his word last month and prepared for an economy-shaking, sequester-induced panic, in reality most U.S. companies appear to be holding up fairly well. Small business may be slow to hire because of health-care fears but even the defense stocks -- those levered most to the federal government -- are still at 52-week highs, Cramer noted.
But for all the fears and concerns here at home, Cramer said nothing compares to overseas. The wealthy in Europe are fleeing European banks in favor of the safety and stability of U.S. banks. Meanwhile, in China, the economy is stalling once again, sending investors there looking to U.S. markets as well.
Finally, there's Japan, a country that's adopted a frightening strategy of doing anything it can to jump-start growth, even if it means hyper-inflation. That's sending Japanese investors to U.S. REITs, utilities, drug stocks and anything that's paying a sizable dividend, said Cramer.So as bad as things may seem here in the U.S., it's easy to see why the rest of the world is helping to buoy our markets. There simply isn't a better place on Earth to invest.
Grabbing an OpportunityIt's clear that General Electric (GE - Get Report) wants to dominate the oil and gas service sector, Cramer told viewers. The company announced today it's buying Lufkin Industries (LUFK), sending shares higher by 37% in just a single day. Cramer said people simply don't' understand how big an opportunity the oil and gas business is in America. He said that currently 9.6 million people are employed by the industry, accounting for a full 8% of GDP and growing rapidly. While fossil fuels may be seen as the enemy, oil and gas are still far cleaner than the alternative, coal, and with jobs so plentiful, why not embrace it for the time being?
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