Cramer's First Hour -- Part 3 -- Retail Sales Huge -- US Consumer Incredibly Resilient -- Look At Retail Sales Ex Autos -- October 17, 2024

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US retails sales:

• huge point being missed -- see if you can see it:
• retail sales: 0.4% vs 0.3% forecast
• retail sales ex auto: 0.5% vs 0.1% forecast
  

Cramer's first hour: a mix of facts, factoids, opinions from various sources -- often not cited -- while listening to Cramer's first hour on CNBC.  

Why the market is surging: let's not overthink it. 

Retail sales: this is truly amazing.

• big number
• consumers showing even more resilience
• 0.4% vs 0.3%
• 0.5% vs 0.1% (ex autos)
• 241K vs 260K
• 10.3 vs 3.0 Philly Fed Manufacturing
• bottom line: no need for another Fed rate cut
• JPow: "we're in no rush"

CNBC analysts: 

• fixated on the Fed
• missing the big story: how incredibly strong the US economy is -- truly amazing
• Philly Fed Manufacturing: 10.3 vs 3.0 not even mentioned

US equity markets, pre-market after retail sales and employment numbers released:

• the markets, pre-market trading
• Dow: up 83 points; had been in the red earlier this morning
• S&P 500: up another 30 points; solidly over 5,900
• NASDAQ: new pre-market high (last 24 hours) -- up 185 points
• what's going on?

US retails sales:

• huge point being missed -- see if you can see it:
• retail sales: 0.4% vs 0.3% forecast
• retail sales ex auto: 0.5% vs 0.1% forecast

• traders/investors: no longer care about the Fed (don't take that out of context
• the big story: the strength of the US economy
• oil is cheap and getting cheaper
  
• ECB (European Central Bank): first time in history -- a back-to-back cut in "Central Bank" rates.
• turkeys -- Thanksgiving turkeys -- cheaper per pound than last year
  

Quick: how many 80-year-olds can dance non-stop for 39 minutes?

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• Reminder: I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia.