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Oh doctor, oil back to $75. It's just amazing. You can read through every piece of data this morning, from personal consumption to revised GDP to Case-Shiller home prices to earnings from Hewlett-Packard (HPQ - commentary - Trade Now), and it just doesn't matter. If we don't hold $75, then you get your chance to buy a lot of stuff that's been taken down for the most stupid of reasons.
I am looking to buy higher-yielders on this oil-determined dip. It is impossible to get any yield in fixed income these days without taking on too much risk. However, there are plenty of stocks that are stupidly brought down by the total commoditization of oil to stocks. You know what is amazing to me, though? I never ever hear of fund managers coming on TV saying they are using the ridiculous nature of this linkage to buy the stocks they want. They hem and they haw and they split hairs and they don't even acknowledge the ridiculousness of the situation. Will oil hold $75? It is where the Saudis have said they want it. I wish it were as simple, though, as turning down the thermostat. Instead, we have to presume it will hold like all of the other times, and you can buy stuff right here if you don't have enough merchandise on. If you want to play the game, I suggested yesterday that you own the strongest players; you are getting a good chance to buy Google (GOOG - commentary - Trade Now) and Apple (AAPL - commentary - Trade Now). I can't believe Amazon's (AMZN - commentary - Trade Now) not down after that Times article. But maybe people have gotten wise that Wal-Mart (WMT - commentary - Trade Now) and Amazon can co-exist and that it's better and more fun to shop Amazon. Random musings: Sheila Bair shooting off her mouth, talking about bank earnings deteriorating. She's a real little ray of sunshine. I think that the earnings for small regionals will get crushed. But she never distinguishes the "type" of bank. Good chance to buy JPMorgan Chase (JPM - commentary - Trade Now)... At the time of publication, Cramer was long JPM.
Special note from Jim: You can learn my time-tested ways to trade smart, even in this market. All my latest thinking is in my brand new book, Getting Back to Even, which I'll send to you as part of a special promotion when you sign up for my Action Alerts PLUS service for a limited time. So if you sign up now, you'll get to see how I'm playing these stocks in my portfolio today, plus, I'll teach you how you can play these stocks to help your portfolio get back to even.
Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here. TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com. Brokerage Partners
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