The techs and the industrials aren't the only companies that have diversified into Europe. U.S. packaged-goods companies and pharmaceuticals are dominant players there as well. However, none saw a downturn nearly as huge as that of the cyclicals. Europe could now act as a healthy offset to a U.S. slowdown caused by our dysfunctional government -- something that our purely domestic companies won't have in their arsenal.
Given the breadth of the product Avnet sells in Europe, including semiconductors, software, disk drives and flash memory, you can expect that many of our tech companies are going to see a similar boost. You can say the same about companies as diverse as Honeywell (HON - Get Report), United Technologies (UTX - Get Report), Emerson (EMR - Get Report) and DuPont (DD - Get Report).
Moreover, we are very likely to see that big advance in sales for which so many have been waiting. I have held that it has been stupid, and is stupid, to wait for it. By the time it happens, these kinds of stocks will have advanced so far that the move will already have been made. That's why I think you need to buy these stocks on any material weakness we get in this country -- a bad U.S. labor report, or a soft gross domestic product figure or retail-sales number. That's because Europe, not the U.S., is now the swing factor. Given the cost takeout and the possibility of very good continental sales, I am sensing that these stocks could be the biggest standouts for 2014.
At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long ETN and HON.Editor's Note: This article was originally published at 6:15 a.m. EDT on Real Money on Oct. 28.