Beyond these, there is a scattering of strength in the most boring and old-line of the drug companies, namely in Eli Lilly (LLY) and Merck (MRK), which look like upside-down charts of Gilead (GILD) and Biogen Idec (BIIB).
Kellogg (K) and General Mills (GIS) -- the two food companies with, I think, the least impressive earnings streams right now, save ConAgra (CAG) -- are the market leaders in that segment. I would presume this is yield thirst. Plus, in the case of Merck, you have a potential breakup of the company and a potential hepatitis C pill to rival Gilead.
Shares of Hewlett-Packard (HPQ), Intel (INTC) and EMC (EMC) are all acting terrifically. This seems to indicate a return of servers as a powerful concept in tech even though, frankly, it shouldn't be. A step further: It's absurd and wrong. But it's happening.
What's so unnerving is that almost every single stock that is strong has a company underneath it that isn't really doing well at all.And the stocks that are doing poorly? They tend to be just nominally attached to the best-performing companies. Worst-performing stocks and best-performing companies. Best-performing stocks and worst-performing companies. I see no other way to say it. And explaining it is no different from explaining the strength in the bonds in light of strong economic data. It can't be done with the current information at hand. Look, maybe there is a giant worst-to-first sea change that's about to occur. Maybe the market has decided to reward poor performers and trash good ones. Either way, it's very worrisome, because a healthy market rewards the good companies with higher stocks and punishes the bad companies with lower stocks. But the opposite is happening. For anyone who has been in stocks for a long time as I have been, we know an uncomfortable situation when we see one, and this one is mighty uncomfortable. At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, had no positions in the securities mentioned.
Editor's Note: This article was originally published at 7:36 a.m. EDT on Real Money on April 14.
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