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Bottom-Up Analysis Shows the Real Story

By Jim Cramer

 About this article:
 When is something going to happen that is good enough to make the papers? Or is there simply no homework being done -- "homework" meaning the hard, boring part of the enterprise, the listening to the conference calls, the Q&A, reading the long press releases, checking the balance sheets, seeing if dividends can be paid or raised. "Homework" meaning placing some sort of aggregate value on earnings reports as disparate as Jones Apparel and Procter & Gamble or monthly numbers from Coach and JCPenney . If you look at the top down, you get the litany: commercial real estate crash, overextended consumer, government's the only game in town, debt burden to weigh on stocks. But if you look at the bottom up, you see so many signs of strength and encouragement that you can't really figure out the disparity. It's just a big mystery. Take...

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