While Wall Street may still be rattled after Monday's massive sell-off, CNBC's Jim Cramer said many of Tuesday's corporate earnings reports do not indicate there is a serious recession on the horizon.
"When you run down the companies that reported in the last 24 hours it's very hard to make the case that we're headed for a serious recession from here," he said."I think we're in a recessionless recession because I follow the actual micro data from individual companies that report," he said."When you run down the companies that reported in the last 24 hours it's very hard to make the case that we're headed for a serious recession from here.".
And although some fear consumers are not spending money on discretionary items and services, Cramer pointed to solid figures posted by several companies in this category., and Cramer was impressed by the company's increase in deliveries and gross bookings. If a recession were imminent, Uber would not be able to put up strong results, Cramer said.
"There was just great quarter after great quarter after great quarter this morning. They just can't be seen by those who refuse to do the homework and only listen to central bankers," Cramer said."It does rankle me, but in the end, it doesn't matter because we can see both the forest and the trees.
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