Jim Kramer here to share with you a sample of my take on the market from today's

CNBC Investing Club warning meeting.

I sometimes search for metaphors because they make things clear, Jeff.

There was a great movie called Butch Cassidy and Sundance Kid where they were always asking

each other, who are those guys?

We have a rally where we almost have to ask, who are those guys? We have a rally where we almost

have to ask, who are those guys who are rallying it? Because it's very quiet who's going up,

but it's happening. Yeah, I mean, you pointed out yesterday, utilities have been doing well.

Some staple stocks have been acting a little bit better, especially versus discretionary. Energy

has been strong.

Today you're seeing some tech weakness, some semiconductor stocks acting a little soft.

Maybe part of that's due to arm guidance.

We can talk about arm in a moment.

But there's also this notion, this earning season, and we've pointed this out, where companies,

we've seen some pretty good quarters, but if there's one slight bit, you know,

the slightest thing wrong about the guidance, they are just getting pummeled. Now,

maybe not everyone is going to be right, that type of reaction, but it is something you can't ignore.

No, and what you have to do is very interesting. You can say the first quarter people got down tougher,

but think about you're the CFO of Procter & Gamble. Do you think there's really anything

difference between the second quarter and the first quarter? So people gravitate to

companies that don't have any sort of cliff or don't have a slowdown. I interviewed Brian

Chesky this morning. Now, Brian is concerned maybe there is a bit of a travel slowdown. Well, you're not going to have a bit of a tide or crest slowdown. And that's why Procter could go up all the time. JPMorgan, Morgan Stanley, you're not going to have expensive stocks go down as long as there's some buoyancy and they do well in a longer, and do well in a rate cut situation.

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