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By Roberto Pedone
WINDERMERE, Fla. (
) -- According to Jim Cramer, the market weaknesses is nothing more than a profit-taking event, which is being accelerated by the infighting in Washington
On Thursday's "Mad Money" TV show, Cramer told viewers that while Wall Street focuses on Greece's debt problems, the latest jobless-claims report, the strong dollar and a struggling consumer, he can't help but notice a number of positive earnings reports.
Cramer pointed out that retailer
reported a sharp spike in first-quarter sales today. Also, auto-parts-maker
reported a strong upside surprise on solid sales. He also shined the spotlight on strong quarters out of names such as
Cramer said it appears the American consumer is not in as bad of shape as the headlines in the media make us believe. He said the market bears are even attacking falling oil prices as a negative, or as a sign that the global economy is weaker than expected. However, Cramer explained that stock futures traders might sell stocks when crude prices fall, but the cheaper cost per barrel will lead to better prices at the pump. This can only be seen as good for consumers.
Cramer offered up two possible conclusions for the market selloff. The first was that this is just a profit-taking moment, thanks to Washington's tunnel visions. The second was that, in terms of gauging the market's health, Kohl's may be more important than Greece, Spain or Germany right now. "I refuse to panic," Cramer said.
Recently, Cramer found opportunity in three value bank stocks, semiconductor stocks and dealmaker stocks. Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on
blog posts (these blog post require a
: Cramer thinks three banks look like deep values. In a
he wrote: "We've got a couple of week bank stocks that stand out as possible values, considering how much capital they have raised and how much opportunity they have, banks that work regardless of the Volcker Rule or the five octogenarians the administration found to endorse the rule as of this morning." The
PNC Financial Services
: Cramer thinks the tech sector has woken up. In a
he wrote: "What woke up Tech? Oil being up? A sense that tech got too cheap? A recognition that -- as I have been saying -- the quarterly reports really were amazing?" The
Research In Motion
Advanced Micro Devices
: Cramer sees big upside ahead for a couple of companies that have been making acquisitions. In a
he wrote: "
gets knocked back to an appropriate entry point that should be seized, and not just because oil's at $80. That's the lid. That's been the lid. It's where everyone knows to sell the group, so ease in to that one." The
: Should investors buy the bank bounce? Not according to Cramer. In a
he wrote: "Here's the problem with the banks. We can't figure out what they are supposed to earn, should earn or are even allowed to earn." The
Bank of America
: Cramer believes the semiconductor complex is in a renaissance and that the group has much more room to trade higher. In a
he wrote: "
still struggling, but I am betting that there's a ton of option pressure on the name and it breaks out next week." The
: Cramer wants investors to consider the positives in a market that is filled with gloom and doom. In a
he wrote: "Or how about the soon-to-be-announced master limited partnership from
to handle the midstream assets. I bet that will give you a great return." The
-- Written by Roberto Pedone in Windermere, Fla.
(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Home Depot, Intel and Bank of America for his Action Alerts PLUS charitable trust.)
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