This sucker has trouble staying down even with oil and the dollar going the wrong way.
Plus, it's a broad move. I see some strength in the financials, in tech and even some of the retailers after a remarkable retail recovery, although the latter probably stalls out here for a bit and replicates the pattern established by Walmart (WMT) - Get Report .
Why can this market not be crushed? One reason might be corporate buying versus institutional and individual selling. The amazing data we are seeing about more money coming out of this market than at any time since the Great Recession are pretty insane. It's like the ridiculous amount of bearishness, back to February levels.
In other words, a lot of sellers have left the building. In the meantime, you have corporate buyers with an incessant appetite. I don't think I can recall any time where more CEOs who come on Mad Money are buying back stock, and many are doing it simply because their stocks don't reflect many of the positives they see. As I have been saying for ages, the cash isn't king because there's too much opportunity buying their own stock.
Prime example: Recently, I had on Cheryl Bachelder, CEO of Popeye's Louisiana Kitchen (PLKI) . Her company just reported what analysts decided was a bad quarter, but her metrics show it is all systems go and that the expansion she's plotting is on schedule and the runway vast.
When I asked her if she is buying stock down here, she said of course.
That's the kind of answer I have gotten from everyone from Tim Cook to Brent Saunders to Manny Chirico -- CEOs, respectively, of Action Alerts PLUS holdings Apple (AAPL) - Get Report and Allergan (AGN) - Get Report plus PVH (PVH) - Get Report . All of them are mystified what the heck their stocks are doing down here compared to the fundamentals. You have to admit it sure isn't like they are buying high.
Keep it in mind. We just started getting initial public offerings but we have had an immense amount of stock retired outside of the oil patch. I think you see that on days like today.
Editor's Note: This article was originally published at 12:34 p.m. EDT on Real Money on May 27.
<footer><em>At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL and AGN.</em></footer>