NEW YORK (TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:
- The stocks that have become the market leaders, and
- Why he doesn't change his investment thesis on a company for no reason.
Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.
A Follow-the-Leader Market
Posted at 2:26 p.m. EST on Thursday, June 5, 2014
There, I wrote it. When the market looked bleak earlier in the morning, these stocks had already gone into the green, the first ones, the leaders in this round of highflying soldiers. Amazon has got a new phone. Twitter caught an upgrade, and the lock-up detritus seems over. JD? Mind of its own.
But it doesn't take much for the algo buyers to step in and automatically take Workday (WDAY), FireEye (FEYE), Concur Technologies (CNQR), ServiceNow (NOW), Tableau Software (DATA), GrubHub (GRUB), Tesla Motors (TSLA) and all of the others in the high-multiple game.
Of course, those don't explain everything. Boeing (BA) keeps announcing more orders, and its stock and the other stocks in the sector, notably Honeywell (HON) and United Technologies (UTX), are following suit.
Caterpillar (CAT) is the leader because of not one but two analogues: Joy Global (JOY) on the mining and earth-moving side, and United Rentals (URI) on the construction side are roaring, the first on a better-than-expected earnings report and the second on an analyst upgrade.
Put simply, it's a real good tape, urged on by, this time, positive comments by hedge fund master Dave Tepper and a European central banker who will stop at nothing to get his continent's businesses and banks moving again.