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NEW YORK ( TheStreet) -- The bulls are back in charge for another day on Wall Street and may be here to stay, Jim Cramer told his Mad Money viewers Tuesday. Cramer exulted that his bull market, Top 10 checklist from last week has been completed.
It's hard to believe that it's only been eight days since Cramer introduced his "No Bottom Until" list of 10 items that had to happen before the markets could have a sustainable rally. But all 10 items have largely come true, he said.
First, Ebola fears have subsided now that the U.S. government is taking decisive action to contain the disease. Second, every sector of the market has suffered at the hands of the bears, making their stocks more attractive. Third, the speculative stocks -- think Netflix (NFLX) -- have also retreated from their lofty heights.Fourth, Cramer said oil prices have found their footing over the past eight days, welcome news for the oil stocks. Fifth, the tech stocks have stabilized, thanks to strong earnings from Apple (AAPL) and others. Sixth, Germany has admitted that maybe, just maybe, it needs to do more to bolster its ailing economy, along with the rest of Europe. Seventh, the markets have seen numerous companies report strong earnings beats with forecast raises. Eighth, the market's technical indicators have largely stabilized. Finally, the Baltic Freight index has found its footing, meaning that China may be stabilizing. Over in the Middle East, ISIS has suffered its first major defeat. With all of these items largely in the past, Cramer said he'd be a buyer, not a seller, on any future pullbacks in the market.
The Industrials Are BackAfter being beaten down for months, are the industrial stocks finally showing signs of a bottom? Cramer said he thinks they are because there has been a string of positive news influencing the group. First, Cramer said that there has been a lot of good corporate news in the industrial sector of late, with stocks Illinois Tool Works (ITW) , United Technologies (UTX) , Honeywell (HON) and PPG (PPG) all having good things to say recently. Then there's Germany, which could be reversing direction on its economic policies to make Europe, and its currencies, stronger. This would make a weaker U.S. dollar, which would be terrific for industrial stock earnings going forward. China is weak, yes, Cramer admitted, but that's precisely the time to bet on China. Things can only improve from here. Other positives for the industrials include pent-up infrastructure demand and an aerospace sector that's on the mend now that Ebola fears are largely behind us. Put all of these positives together and Cramer said you get an industrial sector that's poised to head a lot higher. Must Read: 3 Biggest Takeaways From Apple's Strong Earnings Report
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