'RealMoney' Radio Wrap-Up: Bears Can't Win

Attempts to beat down the market on news from HCA and Abbott Labs fail miserably, Cramer says.
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Bears can't kill this market, Jim Cramer said Wednesday on

"RealMoney" radio show.

Cramer said health care stocks may be down due to

HCA's

(HCA) - Get Report

disappointing second-quarter outlook, and drug stocks may be down on account of

Abbott Laboratories'

(ABT) - Get Report

failure to overwhelm analysts' expectations.

But Cramer said neither event was bad enough to sink this tape. "Nothing sticks even when they try and slam it," he said of investors betting against the market.

Why is the market so resilient?

First off, Cramer said, it's summer and bankers are on the golf courses or at the beach. That means there aren't a lot of deals or new issues drowning the market. Next, mutual funds are making money and that becomes "self-fulfilling" in a bull market, Cramer said.

Finally, the macroeconomic backdrop is positive. The

Fed

is also on vacation and, as we learned Wednesday, the deficit is coming down. Those kinds of developments "let the bullish mind wander," Cramer said.

One bullish place of late has been the

Eastman Kodak

(EK)

option pit. Cramer said he has heard that people are speculating that

Hewlett-Packard

(HPQ) - Get Report

is looking to buy Kodak.

Don't believe the tale, Cramer said -- he said he believes it's just a rumor. And if you get a tip on Kodak, leave it on the table because "tips are for waiters." Cramer's instinct tells him that somebody probably wants out of Kodak because it is going to have a crummy quarter, he said.

What would he do in the face of this action? He said twist it around and buy HPQ. "If somebody really knew something, then it would be insider trading, but if it opens up an opportunity to get into technology, where the turnaround is real, then take it," he said.

A caller asked for Cramer's opinion on

Charter Communications

(CHTR) - Get Report

, a stock that has haunted Cramer -- he calls it perhaps his worst trade in five years.

Blood pressure rising, Cramer told his listeners how he was originally introduced to Charter by billionaire investor Mark Cuban. Following Cuban's introduction, he met with the now-departed CEO over a plan to cut debt and selling stock to raise cash.

But they didn't listen at Charter, Cramer said, adding that they chose instead to go to hedge funds that were shorting the stock.

The end result was a big loss for Cramer, and it still makes him upset to this day. "The anger brews," he said.

Am I Diversified?

Listeners must really be paying attention lately because they have been showing up with portfolios that Cramer doesn't need to tinker with at all. In the Am I Diversified? game, Cramer's listeners give him five stocks and he tells them whether they need to make any changes.

Cramer could do nothing but applaud when his first caller listed

Lennar

(LEN) - Get Report

,

UnitedHealth

(UNH) - Get Report

,

Citigroup

(C) - Get Report

,

Altria

(MO) - Get Report

and

ConocoPhillips

(COP) - Get Report

, which he called "the best of integrated oils."

When pressed, Cramer said the only slight change he would make would be to sell a little Citi to buy more Lennar, which he said trades at 7.5 times forward earnings.

The next player fared equally well, offering up UnitedHealth,

Procter & Gamble

(PG) - Get Report

-- a stock that's up more than $1.50 since Cramer's recommendation on

Live With Regis & Kelly

Tuesday --

General Electric

(GE) - Get Report

(remember that GE employs Cramer through its

CNBC

unit),

LSI Logic

(LSI) - Get Report

and

Valero

(VLO) - Get Report

, which has been a favorite of the show for some time.

A third caller submitted another winning mix with

Sears

(SHLD)

,

Chesapeake Energy

(CHK) - Get Report

,

Marvell Technology

(MRVL) - Get Report

,

Whole Foods Market

(WFMI)

and

Johnson & Johnson

(JNJ) - Get Report

.

And while it may seem like Cramer would have nixed this due to the appearance of two retailers, he surprised even himself when he blessed this portfolio.

Why?

Because he sees Sears as a real estate play and not just a retailer. And he views Whole Foods as "a health care company that's in the food business."

"People feel Whole Foods has the good housekeeping seal of approval," said Cramer. "It's a litmus test for what is natural and good."

At the time of publication, Cramer was long Altria, Sears and UnitedHealth.

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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