I am betting when we hear Ford Motor ( XX) talk this week it will be similar. Ford didn't need to distance itself from the U.S. because car sales somehow came to be more secular than cyclical because of the age of the auto fleet in this country. Given that gasoline's never come down -- notice that? -- despite all the oil we have found, the payback for a car with heavy incentives is pretty decent. Plus, as more people are hired, more need cars. But Europe is what crushed Ford, not the U.S., and if you notice, Ford still isn't back to where it was almost three years ago, again because of Europe.

It's all about leverage right now. Who has leverage to the very markets that hurt companies so badly? Who is not going to have the swing from red to black pretty much in the way General Electric did?

That's why I am not as concerned about confidence data. I am not talking about buying the shares of D.R. Horton ( DHI) or Pulte ( PHM).

But one more word on those. When all stocks have run this high, even these stocks can be pulled up by the entire tide. In other words, they are not good shorts. They just aren't great longs.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long F and LOW.

Editor's Note: This article was originally published at 7:58 a.m. EDT on Real Money on Oct. 21.
At the time of publication, Cramer was long ___.

If you liked this article you might like

D.R. Horton Is Building Toward the $50 Mark

Pulte Is Doing Little to Boost Sentiment, D.R. Horton Will Follow Suit

I'm Still Sold on Homebuilders