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NEW YORK (TheStreet) -- Today was one confusing day on Wall Street, Jim Cramer admitted to his Mad Money TV show viewers Thursday. Cramer said the market is full of confusing cross-currents that has even him wondering if there's something big lurking around the corner.
It just doesn't make sense that interest rates are falling while business is improving. The mining and minerals stocks such as Freeport-McMoRan (FCX) are bouncing, yet there's no news to support that bounce. Alcoa (AA) was up 6% Thursday while most of the market still fears a Chinese slowdown or trouble in Russia.
Some of the banks failed their stress tests, but that doesn't explain why those that passed -- and are returning more capital to shareholders -- didn't rally.Then there are the analysts. It's eerily quiet on Wall Street, Cramer said. Facebook (FB) clearly made their earnings murky with their last two acquisitions but the analysts have said nothing, pro or con, about the deal. Google (GOOG) is trading at a low 17 times 2015 earnings. No analyst chatter there either. Then there's Lululemon Athletica (LULU), which delivered a lackluster quarter but share shares up 6%, well, just because. Are the markets in the process of bottoming, or is there something lurking we just can't see? Cramer said he's not quite sure yet.