Cramer: 10 Stocks Not to Panic Out Of

As rates went higher, we had to fear the banks, right? Don't they do badly? No, they do well when there is inflection in the bonds, when they can take in deposits lower than where they lend. We are at last getting there; not yet. But earnings will ramp big if bonds keep going down. They are buys, not sells. Citigroup's(C Quote) my pick.

Finally, didn't Goldman(GS Quote) and Bear(BSC Quote) disappoint? Aren't we supposed to be dumping them furiously? Aren't they supposed to have down earnings? Please. Now I have to panic and sell companies that trade for 9 times earnings?

I don't think so.

We were betting on bonds going to 92 and we were betting on ferocious consumer price increases. All wrong. The market was supposed to be overvalued but the rest of the world was much cheaper.

Once again, the prudent thing was to stay the course and not panic, or do what we did for Action Alerts PLUS, which was put money to work in the downturn. The reckless thing? To cut and run.

When will they learn? Hopefully never, so we can make much more money.

What's the real worry here? What should we actually care about? I only really worry about one thing: government intrusion, like the silly thing that the government wants to do with Blackstone. The key to this run is our government for, by and of the corporation. If that changes, I will get real worried.

Away from that, we sell on some bad news to buy it back when things settle.

Random musings: Rail breakout, rates going higher. ... Corning(GLW Quote) breaking out here. ... Fannie Mae(FNM Quote) must be bought here: Citigroup, Merrill, Goldman, Keefe Bruyette and Credit Suisse all have holds and numbers that are too low. I suspect we will see some people breaking ranks and going to buys next week. I would buy Fannie July 70s for a buck and change. ... Still liking Celgene(CELG Quote) on multiple approvals. ... Poor little lamb Intel(INTC Quote). ... If you haven't read Cliff Mason's column yet, what are you waiting for?