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NEW YORK (
) -- "We were worried too much," Jim Cramer told
viewers Tuesday after taking a hard look at recent history.
Cramer said it's easy to fall into a worried mindset and ignore the market's many positives, which is why so many investors missed the market's terrific rally.
The markets have been fretting higher interest rates for months, noted Cramer, but when they finally happened last month the markets, instead of dropping like a stone, booked their best winning streak since 1990. Higher rates, it turned out, was a terrific buying opportunity.
Investors also worried about the toll $4 gasoline would take on the average consumer, shorting the restaurants, retailers and all of the theme parks. Yet, when the earnings arrived, Cramer said there was no mention of higher gas prices on any of these companies conference calls .
Profits were taken in the banks and there were fire sales in the PC stocks, said Cramer, yet the banks posted solid results and PC-related stocks like
continue roaring higher.
Worrisome stocks from last quarter, like
recovered nicely, said Cramer. Biotechs, led by
, also remain very strong.
Even the most high-flying, highly valued names such as
are hitting 52-week highs, noted Cramer.
So with so much going right and so many stocks powering higher, being negative was clearly not the place to be over the past few weeks.
Off the Charts
In the "Off The Charts" segment, Cramer went head to head with colleague Tim Collins over the chart of
(PBR - Get Report)
, the Brazilian oil producer that's down 30% for the year and over 80% from its all-time highs in 2008.
According to Collins, Petrobras could see a 10% to 20% pop before the end of the 2013. His research noted that while the stock has been in a serious downtrend since 2008, in between PBR has seen little trading rallies that have been led by the stock's 10-day moving average. Follow that average when it ticks higher, he said, and investors are being rewarded.