CNBC’s Jim Cramer said Tuesday that a rare phenomenon is playing out in the market.
The “Mad Money” host noted that stocks are rising on positive news, but the moves are playing out over multiple trading sessions. Usually, new information tends to be baked in share prices in a day, he said.
“Instead, it takes days and days for good news to work its way into the share price, giving you many chances to buy on the way up,” he said. “I’ve been in this business for 40 years and this is something [you almost] never see.”
Shares of the automakers Ford and GM are up more than 6% this week after receiving an upgrade from Wells Fargo analysts Monday. Norwegian shares are up double digits in two days after the company asked federal health regulators to clear its ships for trips this summer.
Cramer also mentioned Yum Brands, Constellation Brands, Chipotle and Walmart among his booster stocks. Each of the aforementioned stocks are outperforming the broader market this week. Most are up double digits year to date.
“A rally that doesn’t bring out sellers is a crazy good thing, and that’s exactly what we have right now,” Cramer said. “It’s why I think Walmart, Yum Brands and Chipotle can keep running. It’s why I expect more of the same from the casinos and the cruise stocks.”
Disclosure: Cramer’s charitable trust owns shares of Ford and Walmart.