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NEW YORK (TheStreet) -- When the consensus changes, the buyers change, too, Jim Cramer told his Mad Money viewers Wednesday. That's why all of the stocks that were being sold Tuesday were suddenly being bought today. The markets simply changed their minds, literally overnight.
Cramer explained that previously, the general wisdom was that the economy was accelerating and things were getting better around the globe. But now the markets are betting the economy has peaked and we're slowly heading back downhill.
That's why the high-growth biotech stocks were back in vogue, Cramer said, as were ecommerce stocks like Yelp (YELP). These are the stocks you buy when the economy is cooling, because they don't need a strong economy to thrive.
The cooling economy thesis was helped along by disappointing retail earnings from Macy's (M), a case where the analysts were way too bullish, but that won't matter to the sellers. The thesis was also helped along by continued falling commodity prices and low interest rates, trends that make investors willing to pay up for future earnings of high-growth companies.
These trends may not make sense, Cramer concluded, but nonetheless they are happening, which is why investors need to understand what's going on and plan accordingly.
Thank You, Russia
Things are really starting to look up for the American consumer, all thanks to, of all things, Russia. Cramer said Russia's decision to ban all U.S. poultry imports has been reported negatively in the media, but unless you're a chicken farmer the ban is very good news.
Cramer explained that almost immediately after the ban took place, prices for chicken, cattle, hogs and grains all started falling sharply. The building blocks of the American diet have just gotten cheaper, Cramer said, and that means more money will be left in consumers' pockets to spend on other things.
When the Federal Reserve last spoke, it noted that inflation was largely in check, except for a few key areas. But with food prices falling along with gasoline and natural gas, inflation will surely not be a problem going forward. Even home prices are seeing relief.
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So while the media may imply that our economy is being harmed by Russia, in fact the boost in spending thanks to food price relief has only just begun.