Something different happened Friday – so different that it took my breath away. The first Friday of earnings season has recently been such a jumble of tension that we had forgotten what

it's like to have multiple big quarters reported in the morning. But that was exactly what we got. It was surreal. BlackRock reported early, and it was solid per usual. We had CEO Larry

Fink on CNBC's "Squawk on the Street." It took me about 8 minutes to get up to speed, given that BlackRock is an asset management story. And, the assets? They aren't

dripping in. They are flooding in. The business model has to do with how much money it's managing. A prolonged increase in stock prices over two years – Happy Birthday to the bull

key indicators – in this case, net interest income (NII). With those forecasts in front of me, I was ready. Sure enough, JPMorgan's numbers were terrific, but Wells Fargo was nothing

short of great, especially with what was a bottoming in NII as well as some huge investment banking numbers and some excellent commentary about the U.S. economy. Everything looked better

than I could have hoped for from the Club name, which has had a regulatory mountain to climb. When I do my work, I am always looking up at the television with my left eye, concerned about

how right or wrong I might be. JPMorgan's stock was flat-lining, but Wells Fargo's stock was down about $1.70 per share. I was thinking what the heck? Are you kidding me? I was

remembering in my mind scenes from my old hedge fund manager days — throwing things at my screens, throwing things at the television set, because how could people be so wrong? Then I made my

calls to see if I was missing anything. I am privileged to call people who have good insight that I might have missed. All of us agreed that JP Morgan's numbers were clean beats. But

all were astounded that Wells Fargo had been able to start changing its business model to the point where it was more of an investment bank than we thought. We were astounded at the

headcount reduction and blown away at how much stock CEO Charlie Scharf bought back. Then an astounding thing happened – in premarket trading between 7:30 a.m. ET until 8:30 a.m. ET – Wells

Fargo shares turned and started inching up. JPMorgan, meanwhile, took off like an Elon Musk SpaceX rocket. By the time the conference calls were running their courses, the sellers were

overrun in JPMorgan and Wells Fargo was up 5% — as it should have been from the beginning. At one point, JPMorgan was up about $12 per share, about the time that CEO Jamie Dimon talked about

how angry he was about people still fixated on NII. Of course, he's right. But the analysts seem to be so caught up in that one number that they were missing the trees – and the

forest. Not this time. This time the traders who made their minds up without knowledge, who made themselves "right" with their power, were annihilated. They didn't understand

something. The Federal Reserve is in an easing cycle. Understand that when I listen to anyone else outside my cubby hole at the New York Stock Exchange with my right-hand man for the Club,

Jeff Marks, I am always struck at how infantile the commentary is. Think of the permutations of what may come next after the Fed kicked off things with a jumbo 50 basis point interest rate

cut in September. According to the CME's FedWatch tool last Sunday, another 50 basis points worth of rate reduction is expected before year-end. But all that matters is that there be no

change in the Fed's stance, and there have been no numbers that have betrayed the Fed. Sure, the data has been a little hotter, and bond yields have gone up – no kidding – but we are

on a rate-cut course. That means the Fed is your friend. How is that friendship manifested? With what you saw in Wells Fargo and JP Morgan on Friday. We have a ton of banks about to report

this week. Think like this: When the psychology of the market changes, people don't want to bang out of Wells Fargo, they want to get in. The company will soon be buying back stock. We

might have that confounded asset cap gone soon. It was imposed by the Fed in 2018 for misdeeds that predated the current leadership. The company didn't say what it would do if the cap

were lifted. I can't blame them. Why court the regulators? But there is no doubt that Wells Fargo at 11 times forward earnings now seems a little silly given that the background is so

positive. Why can't it be at 14 times earnings? Why not? The Fed's got its back. Scharf has finally put all of his people in. There is a flight path. Best of all, this stock is

lower than it was in 2018. The S & P 500 was around 2,656 back then. It's now at 5,815. I kid you not. This bank used to be the premier financial, not JPMorgan. It was the Warren

Buffett bank not Bank of America. It had the highest price-to-earnings multiple of the entire group. Welcome back, Wells Fargo? I think so. Our other financial Morgan Stanley reports

earnings Wednesday morning. Stay tuned. All that gets me thinking. What happens if the wall of worry, abnormally high because of the Mideast tensions as well as the presidential election, is

a dodge? The expectations for every group are surprisingly muted given how high stock prices are. We have so many stocks that aren't near their highs. We have a tech environment that

is more dynamic than any I can recall with the gains from accelerated computing and generative artificial intelligence happening weekly. Yes, some stocks seem odd to me, such as the

drugmakers. They are almost all bad except for Club holding Eli Lilly . The health-care stocks save insurer UnitedHealth and medical device maker Boston Scientific , look ragged. I see the

transports well off their highs. The homebuilders haven't recovered what they lost when we got a hotter employment number. Retail almost seems like a wasteland except for Walmart and

perhaps Club name Costco . Semiconductors are still just okay. Enterprise software started going higher this past week on rumors of a takeover for JFrog . That matters. The short sellers

have had their way with the stocks ever since it was clear that they were in the crossfire between what could be done with ChatGPT from Microsoft -backed OpenAI versus what could be done

with regular old enterprise software. Nothing is coming into earnings season hot. We aren't overbought. But the stupid chatter we have to listen to all of the time about what the Fed is

going to do is the worst, dumbest, most methodically stupid commentary I have had to deal with – we have had to deal with – in ages. It is mind-numbing. However, it creates a perfect

dichotomy between the truth and a narrative that used to work when we were trying to figure out when the Fed was going to stop raising or not. Remember, my rules: We need to worry about many

pieces of data when we have a tightening cycle because we want to anticipate its conclusion. Once it is concluded, however, it's a different story. The bozos who insist on trying to

make stories on every tick, the ones who never apologize for being wrong because they are "never wrong," create what we need. They are the overreach that allows for a better setup

than we have had in ages. And, if we have anything like we had Friday, even with all-time highs for the Dow and the S & P 500, it will give us the launching pad we will need to go

higher. Don't forget the Club's October Monthly Meeting on Wednesday at noon ET when members can expect two initiations — two new stocks added to the portfolio. (See here for a

full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits

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