Jim Cramer: Are We Now in a Rolling Bull Market? - TheStreet.com
Thestreet.com - Thu 10 Jan 23:17 GMT

Jim Cramer: Are We Now in a Rolling Bull Market? - TheStreet.com

How did we get from a rolling bear market to a rolling bull market where two signature groups, airlines and retailers, can't bring the market down?...M

  When you combine that with the negative numbers we got out of the homebuilders and Apple (AAPL) the other day, you have to think, well here we go again, we are going to have a the rollover that we have feared, the fabled re-test of the levels that we so quickly left behind when Jay Powell said last week that perhaps the Fed could be more measured about rate hikes and the president's trade team met with the Chinese with the hopes of getting a last minute deal to avert further tariffs.

  He explained that when the Fed began tightening in earnest, and it sure started doing that last year, you can't own stocks and that there's a likelihood that a bear market would ensue.

  One is because at the beginning of October, right at the moment when the economy was about to peak, Fed chief Powell told everybody who would listen that he was on a mission to raise rates, one last year and at least three this year, and may even need to overshoot to be sure that inflation didn't roar back because things were so robust.

  Because as certain as Powell was and is about how strong the economy, as correctly positive as he might be about the employment and even the need for the last rate hike he somehow recognizes that inflation isn't roaring back and the stock and bond markets are saying not all is well.

  And that's why, even with no real trade deal yet, with no real sense of how all of these weak corporate numbers will pan out, the bulls can run free even on a day that should have been destroyed by retail and airlines and would have most certainly been won by the bears pretty much any day of the week in 2018.