‘We have a market that’s all over the map’

CNBC’s Jim Cramer parsed Wednesday’s action, telling investors why he thinks this market puts even the best investors in a tricky position.

“We have a market that’s all over the map, driven not by group moves, but by individual stocks with bizarre narratives that are unlike anything I’ve ever seen,” he said.

According to Cramer, expensive stocks keep heading higher even when they shouldn’t, and stocks of solid companies are ignored by Wall Street, even when they post good quarters. Heavily-shorted companies “steamroll the short-sellers” when positive news about business is revealed, he added.

He named Palantir and Arista Networks as stocks that have been propelled higher by short sellers. He called Palantir a “one-of-a-kind juggernaut meme stock that can’t be stopped.” He said some of the data software company’s success is due to great contracts and revenue growth, but he also suggested some gains are from those betting against it. Arista Networks also flew higher when it posted a better-than-expected quarter, Cramer continued, which sent short-sellers into a panic.

There are a number of stocks that “just go begging because there’s no narrative that can attract attention,” Cramer said, including Disney, Honeywell and DuPont. Disney’s deal with the National Football League and its strong quarter should have sent the stock flying, he said. But, instead, the stock got hit because it didn’t raise its forecast enough, Cramer continued. According to Cramer, both Honeywell and Dupont posted solid quarters — but he said investors might not pay attention to both stocks until the companies come closer to following through with their breakup plans.

“In this market, haters gonna hate, ok. And when they hate, and they’re wrong, they turn into buyers. And lovers — they just keep buying,” Cramer said. “And when there’s nothing happening even if the stock is dirt cheap? Who cares? In this market, the answer is nobody.”