Jim Cramer: Second Quarter Was Controlled by Oil

The second quarter comes to a close today and the real theme of the past three months is that oil controlled the direction of the stock market, says TheStreet's Jim Cramer. He said there were a few individual narratives of note like Pfizer (PFE) - Get Report , Johnson & Johnson (JNJ) - Get Report and Walmart (WMT) - Get Report .  Nevertheless, for the most part the second quarter was generally a pattern not seen since the late 1980's when the "great growth stocks get all the money and everybody else doesn't get anything.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.