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Jim Cramer's 'Mad Money' Recap: What Was Hated Friday Is Loved Monday


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A market that changes on a dime can change again on the next dime, Jim Cramer cautioned his Mad Money viewers Monday. Everything that was hated on Friday now seems to be loved on Monday, Cramer said, and a market with no conviction can be tricky.

The stock market has been digesting two pieces of data, Cramer explained: the U.S. employment data on Friday and the latest Chinese trade figures over the weekend. But make no mistake, Friday's non-farm payroll report is all that really matters.

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What did the labor report tell us? Well, that was hard to determine at first, Cramer said, and thus the delayed reaction. Upon further review however, it appears our economy is slowing while the U.S. dollar remains strong, and that means hedge funds are selling the industrials and buying the drugs stocks and the growth names. That's how Freeport-McMoRan (FCX - Get Report) fell 10.7% today and why the drug stocks including Action Alerts PLUS holding Allergan (AGN - Get Report) were able to rally 5.9% despite being hated on Friday.

As these rotations continue, Cramer said, it will be difficult to determine where the bulls might be found. Even if you find them today, they're likely to move on again tomorrow when the next data points emerge.

Off the Charts

In the "Off The Charts" segment, Cramer checked back in with colleague Carolyn Boroden over the chart of direction of the markets now that earnings season is winding down.

Boroden's last market prediction came in February when she correctly identified the market's mid-month lows. Since then the markets have seen a remarkable turnaround, but Boroden now sees hurdles ahead.

First, Boroden noted the ceiling of resistance capping the S&P 500 between the 2,132 and 2,157 levels. If the index can break through that top, it would be smooth sailing. But a breakout would require...