TBEN’s Jim Cramer said on Tuesday that a rare phenomenon was happening in the market.
The “Mad Money” host noted that stocks are rising due to positive news, but moves are taking place over multiple trading sessions. Usually, new information tends to flow into stock prices within a day, he said.
“Instead, it takes days and days for good news to work its way into the stock price, giving you plenty of chances to buy on the upside,” he said. . “I’ve been in this business for 40 years and that’s something [you almost] never see. “
Cramer said this unusual market trend could mean there are more advantages to reopening stocks like Norwegian Cruise Line and Wynn Resorts, as well as names like Ford and General Motors.
Shares of automakers Ford and GM are up more than 6% this week after receiving an upgrade from analysts at Wells Fargo on Monday. Norwegian shares rose to double digits in two days after the company asked federal health regulators to clear its ships for travel this summer.
Cramer also mentioned Yum Brands, Constellation Brands, Chipotle and Walmart among its recall stocks. Each of the aforementioned stocks outperformed the market as a whole this week. Most are in double digits since the start of the year.
“A rally that doesn’t bring out sellers is a crazy good thing, and that’s exactly what we have right now,” Cramer said. “That’s why I think Walmart, Yum Brands, and Chipotle can continue to operate. That’s why I expect more of the same from casinos and cruise stocks.”
The comments come after a negative trading day in major stock averages, as the S&P 500 and Dow Jones Industrial Average retreated from all-time highs.
Disclosure: The Cramer Charitable Trust owns shares of Ford and Walmart.