“While the market certainly looked comatose, we’re witnessing some tremendous breakouts all over the place, breakouts that typically would be held back by the gravitational pull of profit-taking or higher interest rates or, yes, politics,” the “Mad Money” host said.
Strangely enough, Cramer didn’t see many of those bearish theories meaningfully weighing on stocks in Monday’s session.
Instead, analysts took to the tape to raise their price targets on stocks of companies they thought needed value-related boosts, he said.
But over the past several months, the stock has been “sneaking up, seemingly for no good reason,” Cramer noted. That, he said, prompted J.P. Morgan’s pharmaceutical industry analyst to issue a very positive note on the drugmaker.
“Its drug analyst came out [Monday] and said that Lilly was one of the ‘best position names’ in the group,” Cramer said. “The note then totally rehashes exactly the same bull argument that could’ve been done 10 points ago in the $70s, except now it’s in the mid-$80s.”
The note argued that Eli Lilly has a variety of different assets that could set it apart from other pharmaceuticals. It also said that while the company’s diabetes franchise was facing some noteworthy competition, it could be diversified enough to stay afloat.
“Hey, J.P. Morgan, where were you at $76?” the “Mad Money” host quipped.
But Eli Lilly’s good fortune was more than just that, Cramer said. He argued that it also symbolized how analysts were viewing this market: as a raging bull where, if you miss the hidden value, you might get left behind.
“Here’s the bottom line: there are many reasons why a stock market that you think should go down … doesn’t go down, and most of them have little to do with trade,” Cramer said. “You should be thinking positively, not negatively, these days if your stock’s had a nice run or even if it hasn’t. There are just too many good things that might happen to justify getting too pessimistic.”
more recommended stories
Stock market recovers most of Monday-Tuesday losses
Stocks rallied Tuesday as banks, retailers,.
Square And MetLife Watch Out: Two Fintech Startups Target $21T Markets
Square And MetLife Watch Out: Two.
Turkey Crisis Puts Spotlight on Emerging Market’s Foreign-Currency Debt
Turkey’s escalating crisis is spotlighting the.
What to watch in Australia’s market-currency contradiction
The market contradiction with the Australian.
Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’
A governmental committee of the Kingdom.
Mark Cuban owns just a handful of stocks and ‘a whole lot of cash’
Billionaire entrepreneur Mark Cuban told CNBC.
Stock futures pause, with Turkey still a primary focus
U.S. stock-index futures were little changed.
Fashion Meets Gaming With Nick Cavello of D Market
Fashion Meets Gaming With Nick Cavello.
The Dutch twins shaking up the global mixer market
While studying in Antwerp, Dutch.
Rescale Vies With HPE, Dell In $28B High Performance Computing Market
Rescale Vies With HPE, Dell In.