There are a lot of positive things happening in the stock market outside of Donald Trump, Jim Cramer told his Mad Money viewers Tuesday, and that means this rally may be here to stay, regardless of the Trump agenda.
Cramer outlined a number of his favorite things -- things that keep him bullish on the outlook for stocks. The first of this is housing. Despite rising mortgage rates, home builder D.R. Horton (DHI) delivered a gigantic earnings beat, sending shares up a quick 6.6%.
Then there is Trump's promise of deregulation, a notion that doesn't have to be a slow process. While Trump called attention to the Keystone XL and Dakota Access pipeline projects today, Cramer said there are hundreds more that are buoying stocks like Quanta Services (PWR) , up 7.5%, and United Rentals (URI) , up 3.1%, along with Martin Marietta Materials (MLM) and Allegheny Technologies (ATI) .
Off The Charts: Whither Oil?
In his "Off The Charts" segment, Cramer checked in with colleague Carly Garner regarding the direction of oil prices.
Before the election, the link between the price of crude and the S&P 500 was unbreakable. Post-election however, the markets have been able to trade independently, leaving oil to its own devices.
According to seasonal patterns, oil typically hits the highs for the year between April and October, making December, historically at least, a good time to buy.
But this year, Garner was cautious given the Commitment of Traders report was showing large speculators holding the largest net long position, more than 482,000 contracts, since oil prices crashed in 2014. With that overhang, it's difficult to see much upside.
Looking at West Texas Intermediate crude prices, Garner also saw mixed signals, with the relative strength indicator, or RSI, decidedly neutral. She saw a ceiling at $56 but also a floor at $46, with prices oscillating between.
With the technicals not providing any clear signals, Cramer said he'd stick with pipeline stocks, like Magellan Midstream Partners (MMP) , an Action Alerts PLUS holding. Pipelines, he said, do well in either environment.
Free Trade and Cheaper Goods
Buying American is only half of the globalization equation, Cramer told viewers. We also want American companies to be able to sell their products competitively overseas and that might be a tall order under Trump.
Cramer said Trump's recent meeting with automakers could have a lot of positives. It could bring more manufacturing back to the U.S. and spur job growth, as Trump hopes, but there were only American automakers at the table, leaving Cramer wondering how the likes of Ford (F) or General Motors (GM) would be able to compete in a global market where other car companies are allowed to manufacture in Mexico, which remains far cheaper.
Free trade brings cheaper goods for everyone, Cramer said. While that may be little consolation for those without jobs who cannot buy those goods, there is no free lunch when it comes to global trade. We want American companies to win both domestically and abroad.
Executive Decision: ResMed
For his "Executive Decision" segment, Cramer spoke with Mick Farrell, CEO of ResMed (RMD) , the medical device maker combating sleep apnea. The company just delivered a three-cents-a-share earnings beat on a 16.7% rise in revenues.
Farrell said that RedMed now has more than two million cloud-connected devices in use but still only has 20% penetration of its core market. The company is also expanding its market to address chronic obstructive pulmonary disease, or COPD, where ResMed currently has less than 1% market share.
The medical community is beginning to recognize the value in keeping patients happy and healthy in their homes and out of hospitals and urgent care, Farrell said.
ResMed is also making powerful partnerships, such as with celebrity physician Dr. Mehmet Oz, who is a big advocate of sleep wellness.
Update on Deluxe
In his final segment, Cramer took a look at the remarkable rebound in Deluxe (DLX) , the payment solutions and check printing company that continues to defy the skeptics, including Cramer.
Cramer last interviewed Deluxe CEO Lee Schram in November of 2015. Over the past 14 months, shares have enjoyed a 27% gain, from $58 to $73 a share. Given the remarkable run, Cramer replayed segments of that 2015 interview to see what everyone has been missing.
Back then, Schram noted that Deluxe has many channels of distribution and can surround small business owners from many directions. Once a business knows about Deluxe, they like the fact the company has a breadth of products from website design to printing solutions and pretty much everything a business needs to attract and market to customers.
Schram is not all talk, Cramer said, and has clearly delivered on his promises. The company reports earnings later this week and Cramer's expecting the narrative to remain strong. Shares of Deluxe currently trade at just 14 times earnings.
Cramer is advising his investment club members to hold steady in the middle of all this market and political uncertainty. Get a free subscription to Action Alerts PLUS.
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