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Cramer: Earnings Didn't Spark This Rally
CNBC.com | July 19, 2011 | 06:12 PM EDT

Any certainty on the macro economic front is seemingly the only thing that matters in this market, Cramer said Tuesday. After all, it wasn't earnings results, but news that the U.S. isn't going to default that ignited Tuesday's "incredible rally."

If Tuesday's gains had been on account of earnings, Cramer said Bank of America , Goldman Sachs , Johnson & Johnson and Wynn Resorts would have rallied, even though these bellwethers didn't generate the quarterly numbers the Street was looking for. Strong results from Coca-Cola , IBM and Wells Fargo just wasn’t enough to offset those misses, he argued.

"If anything, I would argue that earnings could have sent us down today since the financials would have had to play a positive role to get an earnings rally going and they can't seem to summon any positivity," Cramer said. "Instead, IBM has provided an umbrella for tech, even as that makes very little sense given that IBM's core strengths — big hardware and consulting, along with the software needed to support them — don't really translate into the rally we're seeing in the semiconductors."

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