The Blubber

Per CNBC

CNBC's Jim Cramer has given his observations on Wall Street, saying that the debt ceiling wasn't bothering stocks when looking at market activity. He then posed the question as to whether the debt ceiling standoff meant anything.

Cramer: “Is it possible the whole debt ceiling standoff is meaningless?... That’s certainly what the market’s saying.”

He also noted how classic growth stocks like the following were hurting.

• PepsiCo
• General Mills
• McDonald's
• Proctor & Gamble

While these stocks were hurting, Cramer pointed out how other companies with terrible quarters, "especially ones related to cybersecurity," saw their stocks go up.

Cramer: “These have had huge runs for months on fears that the [Federal Reserve] is going to throw us into a recession... But they are being annihilated as if the market is going to take a debt default in stride.”

When it came to PepsiCo stock, Cramer said that it was unlikely that its stock price would reach $5.

Cramer: “There are so many permutations of securities that interact with U.S. Treasurys that all the pricing mechanisms and all the institutions that need those coupons will find themselves in a real jam,”

In mid-May, Cramer also said that an economic wave was expected to hit that would be "fantastic for investors." He also shared why basing financial decisions on economic data could be "wrong."

He also talked about the Consumer Price Index, saying it wasn't what people should focus on. Cramer said that instead of the CPI, people should focus more on pay.

Cramer also explained why the wage figures were "out-of-date" due to important wage data only being collected once a month.

In November, Cramer said that he believed the Federal Reserve would still be able to tamp down inflation without throwing the economy into a recession. He explained that he believed that the Fed could still engineer a soft landing.

See flow at unusualwhales.com/flow.

Other News:

• Jim Cramer: an economic wave is about to hit that will be fantastic for investors.
• Jim Cramer says there’s a ‘real possibility’ the Fed can engineer a soft landing

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