TheStreet.com Staff
In his TheStreet.com TV video Wednesday, Jim Cramer said he wants you to focus on Circuit City (CC Quote - Cramer on CC - Stock Picks) and Best Buy(BBY Quote - Cramer on BBY - Stock Picks), as they are an indicator of consumers who are really spending their money.
"As soon as you cut price for anything in this market, the consumer is ready -- whether it be homes, whether it be hard goods," Cramer said. He said Circuit City is losing a lot of money on TVs in comparison to Best Buy, and stressed that you should be buying Best Buy. When it comes to the market in general, Cramer said the market has reversed even though oil is up. This is, again, due to year-end buying, according to Cramer. "I think whoever was selling on Monday finished," Cramer said. "Do not forget how little stock there is around. So when the futures trade up, they are able to move absolutely everything." Futures did trade up, Cramer added. He said he believes you should also look at oils because a lot of mutual fund companies are in those. He predicted Exxon(XOM Quote - Cramer on XOM - Stock Picks) will be bid back up. Cramer said he would even buy Apple(AAPL Quote - Cramer on AAPL - Stock Picks) at $86 and Oracle(ORCL Quote - Cramer on ORCL - Stock Picks). Cramer advised you should let FedEx(FDX Quote - Cramer on FDX - Stock Picks) come down and then buy that. Why is he so bullish on all of these broken situations, other than Circuit City? "Everyone needs a bargain to get in because then they feel like they've missed it. They don't want to show that they don't have enough equity in an unbelievable Dow year," Cramer said. So take advantage of that situation and do some buying, he recommended.
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