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

 | Apr 18, 2017 | 8:35 AM EDT
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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.

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