NEW YORK ( TheStreet) -- "Sometimes it feels like there's no pattern to to the markets," Jim Cramer told the viewers of his "Mad Money" TV show Tuesday. Today, for example, steel stocks such as US Steel ( X) got clobbered, while other industrial stocks, like chemical company PPG ( PPG), a stock which Cramer owns for his charitable trust,
Bullish SentimentsIn the "Off The Charts" segment, Cramer went head to head with colleague Dan Fitzpatrick over the chart of Netflix ( NFLX), a stock which Cramer advised selling on Aug. 20 and has since risen 21%. According to Fitzpatrick, the daily chart of Neflix confirmed Cramer's sell recommendation. However, he sees another story when he looks at a monthly chart of the stock. Fitzpatrick said that $40, which had been resistance for the stock, is now becoming support, and he sees shares trading as high as $70 a share. Turning to the fundamentals, Cramer said Netflix has become a resilient company that's posting incredible growth. The company recently reported a blowout quarter and raised its guidance, along side a new deal to rent movies through Sony's ( SNE) Playstation 3. Cramer said the Netflix model of low prices and free Internet streaming of movies is proving to be a winner. Subscriber growth at the company was up 28% from a year ago, with net income rising 48% from its previous year. With earnings expected to grow at 18.6% next year, Cramer said Netflix is still cheap, despite its stock rising over 80% so far this year. Cramer said Netflix is seemingly unstoppable, and is changing his tune and becoming a bull on the stock.
Lightning RoundCramer was bullish on Innophos Holdings ( IPHS), Olin Corp ( OLN), QLogic ( QLGC), Network Appliance ( NTAP), EMC ( EMC), Gilead Sciences ( GILD), Bank of America ( BAC), Citigroup ( C), Smart Balance ( SMBL), Windstream ( WIN), Fluor ( FLR), ArcSight ( ARST), NICE-Systems ( NICE), Syniverse Holdings ( SVR) and Wendy's/Arby's Group ( WEN). He was bearish on Amgen ( AMGN), Activision ( ATVI), Leap Wireless ( LEAP) and SAIC ( SAI).