A 9% run in
shows that the market is at least momentarily over its obsession with the
, Jim Cramer said Wednesday on
"Stop Trading!" segment.
Cramer said that back in May, when the Federal Open Market Committee last boosted its fed funds short-term interest rate target, earnings didn't matter because "no one even wanted to listen" to companies. Cramer said investors missed out on an opportunity to buy stocks like the Norfolk, Va., railroad giant because they were focused purely on not fighting the Fed -- an impulse that drove them away from cyclical stocks whose fortunes are closely linked to economic growth.
"We got so Fed-dependent," Cramer said. "People didn't care."
But now, with the Fed having left rates unchanged for several meetings, earnings are getting a closer look. That's why Norfolk's good news is finally getting out, Cramer said, adding that investors have also caught on to the prospect of change at
latest quarter a "disappointment," given Airbus' woes. But he lauded the pro-growth stance of former Fed governor Bob McTeer, who is now chancellor of the Texas A&M University system.
"He likes growth," Cramer said of McTeer. "He recognizes the primacy of growth."
Cramer also said he has "an Al Haig point of view," referring to the former secretary of state's mistaken 1981 claim to presidential succession rights. "I'll be in charge when we're all through," Cramer quipped.
At the time of publication, Cramer had no position in stocks mentioned.
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