Cramer: Don't Panic Off the Fed

 | Jun 15, 2017 | 12:15 PM EDT
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Stock quotes in this article:

ba

,

ibm

,

cat

,

kr

,

nue

If the Fed is being really tough, why is Boeing (BA) going up? How can IBM (IBM) be climbing? Why is Caterpillar (CAT) finally breaking out?

I will tell you why. Because it has nothing to do with the Fed. It's the rotation: The rotation out of the highly valued, over-owned stocks that are temporarily overbought and into the stocks that do better in a global growth economy.

It is so tough to get people off the idea of the Fed as an arbiter of stocks.

I totally get the idea of the Fed perhaps selling its bonds first. That makes sense to me. But the idea that a quarter point rise with a decent menu of rate hikes is a problem with employment at a 40-year low?

I have no problem with that.

So, don't panic off the Fed. Understand that it's a long day. There are many cross-currents affecting this market -- especially Kroger's (KR) stunning disappointment and Nucor's (NUE) lapse. Although the latter, I love. (See our bulletins). NUE is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.

But it's going to plan for the moment -- the plan I laid out before the opening.

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we like this chart here, it appears ready to move higher. BOUGHT BZUN OCT 35 CALL AT 3.40
Large-cap, high-quality McKesson (MCK) is too cheap now, at $147.51 or so. The stock hit $243.60 more than 2.5...

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