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Business as Usual for the Bulls

Retail is a nice indicator of the health of the market.
Author:

Yeah, so they open them too high. We've seen that before. Now we are shaking everybody out and making sure that anxious buyers get singed and patient buyers get rewarded.

What else is new?

I am focused on the retailers (yes, I am, I am trying to treat this as another day -- good luck to me) because the

Wal-Mart

(WMT) - Get Walmart Inc. Report

action shows me that even though April stunk out loud, it didn't stink to the point of damaging the quarter!

The action in

Home Depot

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(HD) - Get Home Depot, Inc. (HD) Report

also reminds me that any time this stock drops more than 5 points, some analyst will always come out of the woodwork and make his name stopping the decline. Even

Kohl's

(KSS) - Get Kohl's Corporation (KSS) Report

is back to that punishing secondary price.

Retail is a nice indication of the health of the market. These stocks rarely go up when the tape is terrible. They are important tells of the overall health of the market.

And even though the market seems downright stalled here -- thanks to the bonds, which act as if they are stuck in rapidly hardening Portland cement -- to me it seems like business as usual for the bulls.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

letters@thestreet.com.