"There's a saying out there that says 'sell in May and go away,'" Jim Cramer told his
"RealMoney" radio show listeners Friday, adding that it's based on the notion that stocks make most of their gains from October through May.
This phrase comes to us from "a cottage industry made up of people who find patterns that don't really exist," said Cramer.
"Take a look at what is happening today," he said. "All the indices are flying."
He said that the market is doing so well because the Labor Department said job growth slowed in April. It seems counterintuitive that Wall Street would like the fact that fewer jobs than expected were created, but Cramer said that the news is good for stocks.
If job growth is slowing, then the
may not have to raise interest rates, he said. Interest rates not going up makes investors rally, because every time the Fed takes rates higher, they effectively give people more of a return for keeping their money in a savings account.
If you can make 5% on your cash, which is pretty much risk-free, it doesn't seem like a great idea to buy stocks, which are filled with risk, said Cramer.
"Savor days like today," when the market is going higher, he said. "Remember them for the down days when you freak out and want to get out.
He added that he believes that the market will go higher and encouraged listeners not to bail.
The U.S. is not the only country that's doing well, Cramer said. "If you're looking for an example of a conservative government that actually creates wealth ... I need you to look north and make some money in Canada."
The government is running a surplus and the Canadian dollar has gone up in value from 66 cents to 90 cents on the U.S. dollar, he said.
He said that to make money on the "great white north," he would recommend the exchange-traded fund
, which has a nice smattering of financial and resource-based stocks.
For individual stocks, he said that he likes
He said that
is the best Canadian oil stock.
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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
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