This column was originally published on RealMoney on Dec. 13 at 12:14 p.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.
is better than their Dow. One of the dazzling things about so many of these selloffs is that the Dow Jones Industrial Average often doesn't fall as far as it should. That's because of an astonishing array of stocks that have little or nothing to do with the parts of the economy that are hurting.
Yesterday it was
that told us things are better than expected. Today it is
-- which, by implication, includes
. And now, the much-maligned
told you the other day things are just getting better and better. I could even argue the story there isn't even as good as
, another Dow component.
are saying they're better than expected. And while lots of people suggested that
is worse than expected, I chalk that up to a needed dose of UPOD (underpromise, overdeliver) for 2008.
Let's not even go into
Johnson & Johnson
, all of which have on-fire businesses either because they have no economic sensitivity or have weak-dollar wins. Johnny John is the most visible of those that are currency beneficiaries as opposed to earnings momentum winners.
Sure, we have some real stinkers that are linked to housing:
. But for all of those, we have some misunderstood plays that are just waiting to move because the fundamentals simply aren't that bad:
and the poorly run
In fact, only
is a "bad" company in its own right, down on its luck without housing.
That's why it's hard to sink us. That's why,
had we gotten a half-point cut
-- instead of the
now "loved and admired" Fed intervention plan that has exacerbated the situation -- we would be sitting at Dow 14,500 right now.
A huge thank-you to each and every one of the 500 people who came out to the Bridgewater, N.J., Borders bookstore to say hi, talk Fed and get a signed copy of
Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)
. I've only got one more of these events, and I want to see you there: Saturday, Jan. 12, at 1 p.m. in Westbury, Long Island's Costco. We always have a blast and I don't want you to miss it!
General Electric owns CNBC, for which Cramer is a featured commentator. At the time of publication, Cramer was long Altria, McDonald's and Citigroup.
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