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EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stock Under $10 that he thinks could potentially double or triple in the next 6 to 12-months. See what he's trading today with a 14-day FREE pass.

Cramer: Molehills, All of Them

Stocks in this article: DRIWFCSTXWDCSBUXMMMCELGGILDAMZNNFLX

Or how about the banks? We were supposed to be taking profits hand over fist in that group. I know it. My Action Alerts PLUS charitable trust has a huge position in Wells Fargo (WFC), and boy were we ever tempted to sell it when not one but two analysts downgraded the darned thing right before the quarter.

It turned out they were wrong. The quarter had upside in pretty much every metric it was supposed to have been showing downside, from net interest margin to expenses -- both of which had been going the wrong way. Even as the company admitted that higher rates could impact mortgages, a huge part of its business, the market lapped it up anyway. A good short was spoiled.

Or how about all of the fretting over the personal-computer-parts stocks? All I heard was that the disk-drive stocks were the most vulnerable stocks in the universe, and that the very smart short sellers were all over them. These stocks only seemed cheap, according to short gospel, because the earnings are about to drop off a cliff.

Well, on Monday Seagate (STX) and Western Digital (WDC) hit 52-week highs. That's not supposed to happen. They were supposed to be well off their highs, and while they could go down when they report, they turned out to be horrendous shorts.

You want some serious fret gone spoiled? Remember the Egyptian riots? They were supposed to have a tremendously negative impact on the market. Instead a much more market-friendly regime came in and Egypt has calmed down considerably. How about the protests in Brazil? You know what they did? They marked the bottom in the Brazilian stocks, which seems to have continued rising since then.

Or how about three months ago, when Starbucks (SBUX) and 3M (MMM) announced their earnings? I remember it well, because I was at Villanova University when they reported. 3M cut guidance pretty severely, and the stock dropped a quick five points, from $108 to $103. What was that? Why, it was a buying opportunity. After this, the stock proceeded rallied, astonishingly, 10 points. That's a buying opportunity.

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