(INTC) - Get Report

wasn't everything we wanted. And



didn't make some people jump up and down. We may not have loved


(IBM) - Get Report


But can we step back from the damning-with-faint-praise department and accept that earnings are so far so good? Let's talk sectors for a second. So far these sectors are doing better than expected: semis, online, Web infrastructure, drugs, banks, brokers, chemicals, newspapers and wood products.

These sectors that aren't doing better than expected: savings and loans, and some food and cosmetics companies.

So far the eyes have it! No matter how we pull apart this market it always comes down to earnings. Right now earnings are simply fantastic. It is

very hard to get bearish and stay bearish

when earnings are as good as they are so far.

Something to think about.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Intel and AOL. 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