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Singin' the Transports Blues

Posted at 3:37 p.m. EDT on Friday, Sept. 21

Stalled. That's what I regard us as.

Stalled because of the transports, which have turned hideous. Stalled because of the banks, which keep succumbing to profit-taking and downgrades after every microscopic move upward. Stalled because of the endless chatter about how nothing's getting better as stock prices advance. They are leaving the station without a locomotive pulling them.

Me? I don't see it that way. To me today's about AutoNation ( AN) and KB Homes ( KBH) -- autos and housing. Both the strength in AutoNation, courtesy of a brokerage house talking about the amazing auto market, and the resurgence of KB Homes, courtesy the phenomenal order growth and profit-predictions from this morning's earnings release, show me that the main bullish themes are still very much in play and on track.

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Sure, I would feel better if the transports were going higher. FedEx ( FDX) has fallen below where it first preannounced. Norfolk Southern ( NSC), as predicted, is breaking down, taking the rest of the complex with it. I never ignore Dow Theory, even as I don't think anyone thought that coal, the chief cargo of the rails, would ever go into such a precipitous secular decline.

I think it's been a long and hard but good week. I think that profit-taking is in keeping with the preannouncements.

You always want a rally to keep on keepin' on with Bank of America ( BAC) taking out $10, or Alcoa ( AA) challenging the teens, or Bed Bath & Beyond ( BBBY) bouncing back.

But you can't always get what you want. Sometimes you get what you need -- like a pause in the rally to regain our bearings and shake out the faint of heart.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.

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