He noted that Deutsche Bank upgraded Alcoa (AA - Get Report) to hold from sell a day before the company is scheduled to report earnings. While this upgrade may seem meaningless, Cramer pointed out the same analyst downgraded the stock near its lows in late summer, before it went on a very long rally to the upside. The analyst's timing has been less than perfect.
He suggested the analyst should have waited for the company to report earnings before upgrading. Cramer expects the earnings results to be good but not so good that investors should buy the stock ahead of the report.
Turning to American Airlines Group (AAL - Get Report), Goldman Sachs initiated the stock as a buy. Although many analysts have not backed the airline stocks after the huge rally, Cramer argued the airlines are different than momentum stocks, which are too overvalued. Some analysts, including those at Goldman Sachs, are finally giving in.
He concluded that AAL isn't done going higher, but investors should only "watch" the two stocks for the time being.
-- Written by Bret Kenwell in Petoskey, Mich.