Editor's Note: This article was originally published at 7:12 a.m. ET on Real Money on May 8. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.
We went out last night trying to figure out which track to be in and which horses to bet on. The early portion of yesterday's trading was a victory for the industrials. But the latter part went to the consumer products players, which managed to put on a pretty stellar show. That shift was probably a reflection of the enormity of Emerson's (EMR) miss more than of anything good done at General Mills (GIS) or Clorox (CLX) or Dr Pepper Snapple (DPS), although the latter two made you want to buy them after you listened to their CEOs on "Mad Money."
Banks, of course, did well the whole day and gained steam. Techs started out hot and came out cold. Oils? Not bad, Take a look at Exxon (XOM), which, after its miserable quarter, is now nicely above where it was when it reported. Doesn't hurt that EOG (EOG) blew the doors off the operation.But what we needed was something that reignited the growth-stock group. In a true bull market like we are in, one that has been confirmed by a 20% climb from the bottom in November, you need to keep all the balls in the air. The discussion is never about which stocks got hammered the worst. Or which sectors slipped and slopped in zero-sum fashion vs, the winners. That was the way we saw this market at the beginning of the bull. If drugs were up, cyclicals were down. Banks gave it up and foods took it. That's not the case anymore. Now it is just sector move, sector rest. Which brings me to last night's business, the shockingly fabulous number that Whole Foods delivered on top of the excellent number that Disney put on, although the latter will have nitpickers because of problems in plain-old broadcasting that will only come as a surprise to the troglodytes who don't care to know the available facts ahead of time. Whole Foods was amazing. Do you know what it is like to repeal a whole new and awful misperception that the bloom is off the rose? That's what Whole Foods had to do. They had to prove that the business wasn't decelerating or that they weren't getting their butts kicked by Kroger (KRO) and Trader Joe's, which had become the perception after last quarter's disappointment. They had to explain all over again why there really is room for a tripling of the store count. They had to discuss whether the desire for organic food hasn't cooled, a perception that Hain Celestial (HAIN) is fighting with right now.