Finally, earnings reports from homebuilder Toll Brothers, cosmetics company Coty and medical device giant Medtronic all came in weaker than expected, but the market didn’t care.
“A market that shrugs off what are perceived as disappointing quarters is a market that could roar on genuinely good numbers,” Cramer said.
And that’s what the fabric of this rally is, in Cramer’s eyes: an assortment of positives with a few largely ignored negatives.
“Yesterday’s early morning trashing was based on nothing. At least today’s run has got some underpinnings, which is highly unusual in the month of August, when, as I’ve said repeatedly, we so frequently trade on nothing and make up reasons for every move in every direction,” the “Mad Money” host said.
Disclosure: Cramer’s charitable trust owns shares in Apple and Starbucks.
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