This column was originally published on RealMoney on July 5 at 9:06 a.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here .

There's genuine excitement in this market. We have broken the shackles of a host of problems underneath the subprime/hedge fund/leveraged buyout/alleged slowdown. So now it's important to focus on the fact that we've had some important leadership shifts and some remarkable things happening that are producing tremendous returns. (If you don't believe me, take a look -- read on.)

First, we have the return of growth. Don't believe me? Look at Apple ( AAPL), and more important, Research In Motion ( RIMM). I love buyouts, don't get me wrong, but is there anything more exciting than the market paying up for the fabulous growth that Apple and RIM are producing?

Is RIM overpriced? Go tell the mutual funds using 2010 numbers that it is. A stock that goes up 60 points because everyone loves a device, including now the Chinese, is the real goal in this game. Finding these is what makes the market fun!

I have read pretty much every review of Apple's iPhone, and it's pretty clear that this is far more than just a home run. I am sure, given that Steve Jobs is not a nice guy and iTunes has smothered everyone else, that there was a substantial desire among critics to hammer this thing. They couldn't. The enthusiasm that was captured by James Altucher's great video last week seems to have been infectious enough to be caught by all sorts of folks I thought would bash the phone.

Now Apple can go to $150 after digesting a ton of stock and shorts at the $120 level. And does anyone remember the story that got the stock down from $125 to $115? Think it was some software issue that someone used to take profits on a great stock.

Ciena's ( CIEN) up, too, as a proxy for the return of telco. Really big move. And Intel's ( INTC) been none too shabby. That stock works its way to $27.

The big moves aren't just in tech. Take a look at First Solar ( FSLR); this stock is unstoppable because it's an economical, green stock -- one of the few. I would still buy it, if only because it's becoming a core holding of every green fund, and there are a ton of them.

I also would like to point out that stocks like General Cable ( BGC), thesis stocks -- this one's burying underground power lines post the tree-assisted blackout of a major portion of the country a few years ago -- can go up and up and up on the growth story.

Plus, speculation is working. Take a look at Stocks Under $10 fave Taser ( TASR) off the French orders.

How about the re-igniting of Level 3 ( LVLT), which had been written off as dead after that last quarter. I see major growth here now that the bandwidth surplus is being turned into a bandwidth shortage, courtesy of the YouTube explosion (and don't forget, you have 7% growth per week there -- another good reason to own Google ( GOOG)).

And then there's the fire under Hoku ( HOKU). It was initially met with skepticism but worth less than the cash that's coming in, regardless of whether you like the technology.

Meanwhile, the leadership of oil and oil service -- and here I mean:
  • Transocean (RIG)
  • Schlumberger (SLB)
  • GlobalSantaFe (GSF)
  • Exxon (XOM)
  • Chevron (CVX)
  • ConocoPhillips (COP)

-- has finally broken free of what I regarded as the short-selling pummeling that had kept it down,.

Minerals stocks, after pausing, are back on fire, and I like Freeport-McMoRan ( FCX) even up here.

And we have some auto stocks showing life, which are bedrock names in America. Ford ( F) I think is ready to make a major move as the arbitragers stop pressuring the common vs. the converts. (I vastly prefer both Toyota ( TM) and Ford to GM ( GM).)

Nine-dollar stocks get people excited. If you want a pair of nines that makes sense, go for Dynegy ( DYN) and Qwest ( Q), which is now OK again since we've seen no fallout after Dick Notebaert's decision to retire -- not that I liked it!

Finally, the international specs are doing amazingly. Just take a look at the incredible run of Baidu ( BIDU), which is still cheap vs. Google.

We get mired in talking about housing. But although it's an important part of the economy, it is not the driver of the stock market. That's international growth.

We get mired in talking about hedge funds, being told by the media that hedge funds we've never heard of, funds like United, are the Achilles heel of the market.

We get told that bonds are plummeting just when we should be buying them.

We get told that subprime mortgages are falling apart just when the standards are being tightened and the 2006 paper is being cordoned.

We get told that the buyouts are done, and then we get a ton of them right in our faces.

But we are not talking enough about how growth is back and how people are paying for it. That's the story behind the tech rally. And it's now OK to start buying tech, but leave room to go shopping during the potential post-earnings swoon.

Talk is expensive; stocks are cheap.

The second half of the year is going to be a great one.

Random musings: This morning's Wall Street Journal talks about the skyrocketing office rents. Wasn't the Equity Office Properties deal supposed to be the top? Man, we have had more "tops" here than in the Rockies!


Please note that due to factors including low market capitalization and/or insufficient public float, we consider Hoku Scientific to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.
At the time of publication, Cramer was long Transocean and Freeport-McMoRan.

Jim 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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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