"We are overbought in this market after back-to-back great months," Jim Cramer said on his
"RealMoney" radio show Wednesday.
Sometimes it can be "very discouraging" to figure out what the market is doing, but the fact of the matter is the market should be a lot lower right now, he said.
There's reason to believe that stocks should be weak from an earnings point of view, there are worries about inflation again from the minerals complex and worries that the Democrats might take over one or both houses, Cramer said.
But we aren't down more because "there is a relentless amount of money coming in from the public and a relentless number of stocks coming out because of buybacks and tremendous takeovers," he said.
"We are in a pure demand-supply market, and the market is craving more supply."
The media is not the place to go to find out information about the stock market, Cramer said. There, people will see reports about the consumer weakening.
as a measure of spending shows us that "the consumer is alive and kicking," he said. "Those who think otherwise are wrong."
Moreover, MasterCard does not have better-than-expected earnings, Cramer said. Its earnings are more like "you have no idea how much we can make at MasterCard" or "you have no idea what our normalized earnings power can be," he said.
The MasterCard IPO was severely mispriced in favor of the buyers, and it is still very undervalued and is not going down, Cramer said.
"Always be on the lookout for IPOs that are tepid, like MasterCard and like
," he advised. "Those are the best bets because you can get a lot and make a nice position without paying up."
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