There are only a few big-cap stocks leading this parade, Jim Cramer told his Mad Money viewers Tuesday, but at the moment, there aren't enough followers to make everyone feel comfortable. Cramer said the principle dilemma the stock market is wrestling with is what if President Trump can't deliver on his promises for tax reforms, repatriation and deregulation? What will that mean for earnings?
Take the stock of Amazon.com(AMZN) - Get Report . Why did Amazon briefly touch $1,000 a share today? Cramer said it's because Amazon is not a Trump stock. The company doesn't need lower taxes, it spends all it makes to grow its operations. Amazon also doesn't need repatriation, it has plenty of investments to make internationally. Amazon also is not part of a highly regulated industry like finance or energy. In the end, Amazon doesn't need Trump to prosper, which is why it is and has been for years.
But Cramer cautioned that, at least in the short term, Amazon's $1,000 price tag may become a psychological barrier. Anytime a stock feels anointed and can only head higher is always a red flag.
That's why ultimately, Cramer said he'd like to see more than just Amazon, Tesla(TSLA) - Get Report and Alphabet(GOOGL) - Get Report lead this market higher. It's always better when we have a broad-based rally, but that's not yet what we see in the current stock market.
Best Tech You Never Heard Of
Cramer said even now, most investors have never heard of Autodesk, despite shares soaring 90% in just the past 12 months. He said this computer aided design software maker has virtually no competition, but is only jus now getting recognized for its accomplishments.
Cramer reiterated that Autodesk had been a dog of a stock for years, as the company's perpetual software licensing was rampant pirated. By some estimates, the company had three million customers but 12 million pirated copies of its software.
But then Autodesk embraced the cloud and now has a solid, recurring revenue stream that is also thwarting the pirates. That's why Cramer said that any weakness in the stock is a buying opportunity, although he also endorsed taking some profits for those with huge gains in this stock that now trades at 12 times sales.
E-Cigarettes Boost Phillip Morris
Cramer said there's no doubt that cigarettes are a filthy, dangerous habit, which is why it's puzzling that the stock of Phillip Morris is back from the dead, which shares up a quick 30% so far this year. The reason is the company's diversification away from the traditional Marlboro man and into IQOS, the company's brand of smokeless e-cigarette products.
When the company reported last month, it posted a five-cent-a-share earnings miss with weaker revenue, but also raised its full-year guidance for 2017 thanks, in part, to strong sales of IQOS, especially in Japan and Europe. During the same period, the company's traditional cigarette volume shrank by 11.5%.
But Cramer said there's more to like about Phillip Morris than just e-cigarettes. He was also found of the company's 3.5% dividend yield and the possibility of deregulation or a reunification with its long-lost sibling, Altria(MO) - Get Report .
In the "Off The Charts" segment, Cramer checked in with Real Money colleague Carolyn Boroden over the chart of the U.S. Dollar as seen through the Dollar Index( DXY) .
Boroden looked at a weekly chart, noting the dollar's pattern of higher highs and higher lows. After the currency's recent pullback, she said that there isn't much downside left with multiple levels of support between the index levels of 95 and 96.
Boroden also called attention to the dollar's last four declines, which averaged 22 weeks in duration. The currency's latest decline now stands at 20 weeks, suggesting it's due to change course soon.
Cramer said a strengthening dollar is not good for companies that export overseas, but according to Boroden's research, we are due for the dollar to change direction to the upside.
In the Lightning Round, Cramer was bullish on:
Arconic(ARNC) - Get Report and Square(SQ) - Get Report .
Cramer was bearish on:
Kroger(KR) - Get Report , Chicago Bridge & Iron (CBI) , 3D Systems(DDD) - Get Report , Camping World(CWH) - Get Report and Dycom Industries(DY) - Get Report .
No Huddle Offense
In his "No Huddle Offense" segment, Cramer pondered whether the rally is running out of steam. Typically, he would turn to the transports to confirm the market's move, but with the transports only up 13% for the year, they can hardly be called a genuine leader.
It's not a real rally until its validated by planes, boats and trucks, Cramer told viewers, but so far only railroad CSX(CSX) - Get Report and Southwest Airlines(LUV) - Get Report are show any real strength this year. The rest are hard to judge, with most only showing minimal gains or being canceled out by their rivals.
Cramer said the action is this group has been disturbing, with too many negatives to ignore. He said the only conclusion he can draw is that the transports cannot confirm this rally.
On a call with his AAP investment club members, Cramer spotlighted four oil plays he says are his favorites. Get in on the conversation with a free trial subscription to Action Alerts PLUS.
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At the time of publication,
, which Cramer co-manages as a charitable trust, was long GOOGL and LUV.