Make no mistake, the indecision in Europe will cause a global recession, and no one is immune to this crisis ...Though Cramer might not share my overall sentiment, he did call out Lululemon ( LULU), which reports earnings Thursday, as one company to keep an eye on. He argues that a strong report from LULU could propel other growth stocks. I agree. And I also add another angle to consider as LULU gets set to report. I am long and quite bullish LULU. I tend not to like being long this type of stock, particularly via options, ahead of earnings. With LULU, I make an exception. I have faith in CEO Christine Day's retail strategy. No discounts. Limited inventory. Speaking of inventory, the company spooked Wall Street a bit, as inventories increased more than 80% between the end of the 2010 and 2011 fiscal years. Because I have as much faith, if not more, in LULU's affluent target customer, I expect her (and him) to have gobbled up that inventory over the last several months . . . at, for the most part, full retail. This equals massive revenue and profits. I live amongst loyal Lululemon shoppers. I take Spinning class with many of them several times a week. I check stores frequently in Santa Monica and San Francisco. In both cities -- and in dozens of other places like them -- the Lululemon logo is on the streets. This is not a fad for the fickle; it's here to stay. It's a dynamic similar to the one that keeps Apple ( AAPL) humming along. Apple achieves high societal status. Like LULU, Apple products are aspirational to many. But it is absolutely not a fad. Silly bandz. Japanese erasers. Pillow pets. These things are fads among an unreliable set of buyers. (Ask my eight-year old). Beautifully made products that serve practical and psychological needs are hardly fads. Apple and Lululemon have made the connection; they're both officially part of their core customers' lives. And, most importantly, this is a customer that either does not care or tends not to need to ask how much something costs. Walk along shopping streets in cities where the affluent reside. You'll ask yourself, " What economic uncertainty? and Is there really a chance of another recession?" Not here. At least not among the urban and semi-urban "elite," for want of a better word.
However,Cramer said there are still bull markets out there, albeit small ones, and there are still companies immune to Europe's woes.