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NEW YORK ( TheStreet) -- The markets appear to be stalled, Jim Cramer told his "Mad Money" TV show viewers Monday, but that doesn't mean it's time to abandon them. Cramer said that it may be hard to find the market's leaders at the moment, but they are indeed out there.
Technology used to be a market leader, but now only telco spending is heating up, noted Cramer. That's simply not enough for the markets to take nice. Even positive news from Google (GOOG), Facebook (FB) and Yelp (YELP) received a yawn on Wall Street.
The financials are in a similar boat as they pause for interest rates to rise or home sales to rebound, Cramer said. The food and drug stocks have stalled, with names including Johnson & Johnson (JNJ) peaking. Housing stocks have also been stopped cold, and only a few restaurants, including Chipotle Mexican Grill (CMG) and Panera Bread (PNRA), remain buys.In the oil patch, only EOG Resources (EOG) has managed to bucked the trend and headed higher, while the real estate investment trusts and master limited partnerships continue to struggle in their new environment. Perhaps the only bright spots are those sectors that rely on China and a rebound in Europe. Cramer said aerospace and autos, along with materials, mining and minerals offer hope of picking up steam as the global economy strengthens. A move in the steel stocks, he noted, may just be heating up.