“One month ago, the market looked to CNBC’s Jim Cramer like it was riddled with fear and volatility. But three recent earnings reports changed the whole landscape,” Elizabeth Gurdus reports for CNBC. “‘It all started with three days in tech,’ the ‘Mad Money’ host said on Thursday. ‘Facebook, Amazon and Apple reported and everything began to turn around.'”
“On May 1, Apple’s earnings report brought it home with higher than expected results, a strong China business and a $100 billion share buyback — ‘the biggest surprise of all,’ Cramer said,” Gurdus reports. “‘The numbers here were outstanding,’ he continued. ‘Just like we saw with Facebook and Amazon, the negative rap on Apple turned out to be bogus.'”
This rally is about converting the unbelievers. As the bears became bulls, this market suddenly got its mojo back. Now the real fear on Wall Street is not of losing money. Instead, they’re #FOMO, afraid of missing out on the rally, and without any big earnings reports on the horizon, you can’t blame the skeptics for changing their minds. When the bulls stampede, you either join the rush or you get trampled. – Jim Cramer
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MacDailyNews Take: Booyah!