Jim Cramer -- There's No Reason to Sell in This Market

Cramer is taking the opportunity to trim some not-so-hot positions in his Action Alerts PLUS portfolio.
By Jim Cramer ,

You have to admit the bears have to be a little frustrated. Wells Fargo (WFC) - Get Report  , which is part of our Action Alerts PLUS charitable portfolio, reports a not-so-great number -- don't worry, it has been doing that and then going higher a few weeks later forever -- and it can't crush the banks.

The rig count goes up again and oil doesn't get knocked below $45. And, sadly, let's face it, do you feel like traveling after what happened in Nice? I can't stop thinking about it and neither can my wife. We can't get it out of our heads.

Yet, it doesn't produce selling.

The dollar is wrong. Bonds are wrong -- except for the banks, but because of Wells it doesn't matter.

And we are headed into the world of Bank of America (BAC) - Get Report , which has the biggest deposit base and therefore the one that needs the most rate hikes right now.

Suboptimal.

Yet, none of this produces profit-taking.

I love to see this kind of strength. But we are using it to trim again for Action Alerts PLUS -- this time our most wayward positions, the ones we had told people to trim earlier in the week but we were restricted from trimming because of mentions on television.

It feels good to trim the not-so-hot ones even as this market keeps beckoning you to stay involved.

Random musings: Real hourly average earnings actually went down 0.2% in June, as my writing colleague Matt Horween informs me. Do the ideologues who constantly scream rate hikes care about this stuff? Why do they take their view so personally and attack people like me when I am pretty clearly about trying to be an equal opportunity supporter of greater wealth?

Editor's Note: This article was originally published at 3:33 p.m. on Real Money on July 15.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS was long WFC.

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