Who can? FADS CAN! I am talking about this market's obsession with uber-growth stocks and how much it is willing to pay for them. I call them FADS CAN, as in "FADS CAN make you money." It's the acronym for F5 (FFIV), Apple (AAPL), Deckers (DECK), Salesforce.com (CRM), Chipotle (CMG), Amazon (AMZN) and Netflix (NFLX).

These are the stocks that go down hard on days like last Tuesday but snap back harder, as there's so much earnings momentum that analysts view any dip as a reason to talk about them and re-recommend them.

 

They don't all go up at once, but the action Friday was instructive of the power of FADS CAN. Take Chipotle. On Thursday, Raymond James (RJF) downgraded Chipotle on valuation. It was the only FADS CAN name that was down. Now take a look at it. Valuations are no good reason to downgrade fast-growing stocks -- at least that's always been my observation of what growth money does. Sure enough, this stock was the first in the green on Friday. They couldn't resist.

Or Salesforce.com. Think about how many people bet against this stock on bogus concerns that the quarter was weak. Not only was it not weak, it was an acceleration. The fact is that Salesforce took share, including terrific business from IBM (IBM) and Oracle (ORCL), helping it hit an all-time high on Friday.

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Or Deckers. We have a shoe bull market -- witness Friday's Foot Locker (FL) number on top of the Hibbett (HIBB) and Dick's (DKS) numbers. But Deckers had been resting after a monster quarter. Voila, Jefferies (JEF) comes out and recommends it, and the stock breaks out.

 

F5 already had a big run last week courtesy of a terrific analyst meeting. Can't expect a continual run.

 

Of course Netflix is up on nothing. That's going to happen with this group. Just a whiff of good business makes people go nuts for it.

 

I think that Amazon is just resting. Apple is down because people are cashing in to book profits (Doug Kass saw a good reason for some to take profits in a recent column.)

These stocks work. FADS CAN work. No reason to get off them. They have thrived on the downturns in the market. It refreshes them.

 

And that's what happened after Tuesday's big percentage decline. This time wasn't different.

 

At the time of publication, Cramer was long Apple and Oracle.

 

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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