Positive numbers have been consistently disregarded by commentators because of the constant worries about a recession, Cramer said, causing investors to “miss out on moves to the upside.” Cramer pointed to strong numbers from last week, where major banks Wells Fargo, Citigroup and JP Morgan reported strong quarters.
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But despite the generally positive results, Cramer said, commentators are inclined to dismiss them as a precursor to continued weakness. That’s a bad lens to view the market through, Cramer argued, because the numbers show that consistent rate hikes have actually done their work, with an engineered slowdown where inflation outpaces economic dampening.
The broader weakness of the 2021 IPO class, Cramer said, to say nothing of the “abomination” that were SPACs, can’t be disregarded. Cramer pointed to the continued “shambles” in the cloud software space as a prime example of the comedown from 2021’s heights.
“But still those losses didn’t kill the bull,” Cramer said. Even with the chaos in the tech space, and the upheaval of layoffs and cost cutting, the bull run has continued, quietly but unflappably, for months.
Investors should expect further positive numbers, and for commentators to continue to disregard them. But, Cramer says, “the bull’s been crushing the matador.”
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