Cramer: Feel-Good Rallies Don't Feel All That Good to Me

 | Nov 21, 2016 | 11:03 AM EST
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Can everything go up at once except the consumer packaged goods stocks? Can we have a strong rally based on rumors that there might be someone Wall Street friendly coming as Treasury Secretary at the same time as there might be an OPEC agreement? Can these oil companies keep running?

Look, at a certain point this becomes a rally based on no sellers. It's a rally that has to do with animal spirits, multiple expansion and the desire not to sell stock lest you don't own enough and we keep going higher.

Candidly, I don't like these kinds of rallies because they are based on everyone feeling really good about things as opposed to everyone thinking stocks are inexpensive and deserve to go higher on earnings.

Now there's a sense that if we grow 4% next year because of Trump's policies that all of these moves can be justified.

Otherwise, though, I fear that we will have gone too fast based on hope, and I do not like hope being a part of the equation.

Call me cautiously optimistic because I like all of the deals -- Lifelock (LOCK) , Applied Micro (AMCC) and Energy Transfer Partners (ETP) , which makes my earlier piece even more cogent. I like the oil rallies, market rallies. 

But I do not like the "let's buy everything that's not nailed down except Tyson (TSN) and other companies that sell goods in the supermarket."

It's just too darned glib.

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