Cramer: Without an Economic Win, We Are Hostage to Oil

 | Apr 18, 2017 | 8:35 AM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

bac

,

nflx

,

unh

,

gs

,

gs

,

jnj

,

jpm

,

c

Are Bank of America (BAC) , Netflix (NFLX) and UnitedHealth (UNH) enough to keep the ball in the air and shrug off the weakness in European markets?

Not if rates and oil are down because of the ridiculous oil/rates linkage. And I think that when the futures are down, this market accentuates the negative and therefore will focus on the Goldman (GS) miss and the Johnson & Johnson (JNJ) in-line to slightly better number.

As someone who watched yesterday from afar, I think it is important to go back to Thursday's trading and recognize that yesterday was truly unexpected by most of the talking heads, who were almost unanimous in thinking that the market was rolling over.

It is entirely possible that people held off taking capital gains last tax year to pay taxes given that Hillary Clinton was supposed to win.

I think that it mattered.

I also think that the absence of some bad news and the crashing of the North Korean missile embolden people to think that President Trump might get a win in foreign policy.

While that would be pleasant, I remain convinced that it has to be an economic win, and that the administration must focus on repatriation as something that brings in money and tax revenue.

If not, then we are hostage to oil, which I have said can't get through $53 all that easily -- failed again-and bonds-which want to go to 2% so bad you can taste it.

All that said, can we just note that BAC, JP Morgan (JPM) and Citigroup (C) were all very strong? It's worth remembering on a day when Goldman Sachs will cause major angst in the group.

Columnist Conversations

today is a good day to lighten the load and take some positions off the table. SOLD WB OCT 85 CALL AT 11 (i...
I reached out last week to my close friend Ken Shreve, who is a prominent writer for the IBD.  I asked Ke...
I reached out last week to my close friend Ken Shreve, who is a prominent writer for the IBD.  I asked Ke...
View Chart »  View in New Window »

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.