Economy, stock market back on track
After April's rough patch, retailers have regained their footing, utilities are hopping and we are finally getting credit for Friday's terrific jobs number.
But the reports I am getting now about May do not indicate that things are slowing any further. And some of my auto, retail and industrial contacts say things are pretty darned good again. I know that it shouldn't fluctuate like this, but it does seem like the world's still humming.
Two of the best gauges I have -- the S&P Retail Index and the utilities -- are flashing out-and-out green after worrying me for a bit. The utilities, ones like Exelon (EXC) and FirstEnergy (FE), took huge hits not that long ago, when it looked like things were turning down again. Now they are hopping.
The retail index? I have to tell you that even laggards like Kohl's (KSS) and Target (TGT) seem to be getting their footing, and as we saw Tuesday, Fossil (FOSL), the ultimate discretionary stock, has gotten very hot again.
In fact, the only worrisome indicator I see right now is copper. That seems to reflect that the Chinese are not done tightening. At least, however, it isn't falling off a cliff. It just seems to be drifting.
I know that many people are keying on housing as an answer to the strength or weakness, and we have had mixed news there. Mixed because the lower price of homes is being brought down by the sale of foreclosures at a much faster pace. But I think that housing is having a hard time at this point really hurting this economy.
So I reiterate that the jobs number we saw Friday mattered, that it was real, and that the economy's back on track.
And so is the stock market.
At the time of publication, Cramer was long Kohl's.
Learn how to follow Cramer’s trades for his Charitable Trust.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
An interest rate tease in The Wall Street Journal sends the market into an optimistic tizzy -- but one that doesn't end quite at the top.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.