This market isn't done rallying yet

Even after last week's ugly losses, the stock charts show impressive resilience.

By Jim Cramer Nov 15, 2010 9:58AM

jim cramer of thestreetAfter all of the carnage last week, after all of what looked to be commodity-related and interest rate-related stumbling, the stock charts show a level of resilience that makes me think that after we get the Chinese tightening and if we get some certainty out of Washington, we're not over yet. We're not over.

 

In fact, some groups look better than they did the week before. That Atlas Energy (ATLS)-Chevron (CVX) deal ignited a whole host of natural-gas plays, including Range Resources (RRC) and EQT (EQT) -- both Marcellus plays -- as well as Devon Energy (DVN). ExxonMobil (XOM), ConocoPhillips (COP) and Chevron look terrific.

 

All the drillers, led by National Oilwell Varco (NOV), were standouts, and you can see that the Iraqi settlement is helping the international drillers like Weatherford International (WFT) and Schlumberger (SLB).

 

Coal stocks are amazing. They didn't blink. Peabody Energy (BTU) looks ready to go to the mid-$60s.

Perhaps it is all of the excitement involving the GM IPO, but you can't even keep track of all of the different auto plays. We've got Magna International (MGA) as a standout, along with CarMax (KMX), AutoNation (AN), AutoZone (AZO) and, of course, Ford Motor (F). They all seem poised to go higher.

 

The retailers are playing high-low. Williams-Sonoma (WSM), Tiffany (TIF), Sothebys (BID) and Coach (COH) all look great, and Family Dollar (FDO) and Dollar Tree (DLTR) look terrific. The former means confidence among the rich, but does the dollar store move mean continued food stamps, unemployment benefits and foreclosure stalls? I think so.

 

At the time of publication, Cramer was long Weatherford.

 

Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.

 

Follow Cramer's trades for his Charitable Trust.

 

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3Comments
Nov 15, 2010 4:45PM
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this cramer clown will steer you wrong.........he once called himself doctor UNH after united health care....

the stock went straight down in short order....then he

touted his buddy eddie lampert at SHLD which promptly dropped from 130 to the 30's.......he also named NYX his stock of the year which quickly went from 90 to 60 where he recommended doubling down

....the stock then went into the 20's

 

THOSE WHO CAN ,DO...THOSE WHO CAN'T TEACH AND WRITE BOOKS

Nov 15, 2010 3:40PM
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This market isn't done rallying yet...we hope to see DOW 12000 before the year ends. As it should be if anyone agrees.
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After this last year's great run up, I have now taken my money out of a small caps 401K fund and put it into the money market portion for safe keeping.   My self directed IRA is still in Dividend stocks. 

Yes there may still be some up side until the end of the year, but with all the debt America now has from the Democratic spending this past year, I do not have confidence we can pull out of this debt situation by our boot straps.  

There is such a delicate balancing act that needs to be performed by this new Congress that if even one part gets it wrong, we could be looking at the greatest financial bust in all the world's history.   The next 5 years have to be just the right amount of spending and the correct amount of savings.

The pundits all say we are no longer the leader in the world's economy after this G-20 meeting, but I still believe the rest of the world is looking to us for guidance.   There will be tough times ahead, prepare for it.

 

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