CNBC’s Jim Cramer said Tuesday that a rare phenomenon is occurring in the market.
The “Mad Money” host noted that stocks are rising on positive news, but the movements are over several trading sessions. Usually new information is baked into stock prices in a day, he said.
Instead, it takes days and days for good news to creep into the stock price, leaving you with plenty of buying opportunities on the way up, “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 the reopening of stocks like Norwegian Cruise Line and Wynn Resorts, as well as names like Ford and General Motors, offer more upside potential.
Shares in automakers Ford and GM are up more than 6% this week after being upgraded by Wells Fargo analysts Monday. Norwegian stocks are in double digits within two days after the company asked federal health officials to clear its ships for travel this summer.
Cramer also mentioned Yum Brands, Constellation Brands, Chipotle, and Walmart among his booster stocks. Each of the above stocks outperform the broader market this week. Most have been in double digits since the beginning of the year.
“A rally that doesn’t produce salespeople is a crazy good thing and that’s exactly what we have right now,” said Cramer. “That’s why I think Walmart, Yum Brands and Chipotle can keep going. That’s why I expect more of the same from casinos and cruise stocks.”
The comment comes after a negative trading day averaging across major stocks as the S&P 500 and Dow Jones Industrial Average fell from record highs.
Disclosure: Cramer’s charitable foundation owns shares in Ford and Walmart.
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