This Energy Turn May Be for Real

It's one of those gut-wrenching moments where everyone wants to sell the stocks that are overbought and buy the stocks that are oversold.

I am using XTO (XTO - commentary - Cramer's Take) as the most oversold piece of merchandise I know, coupled with 26 million new shares weighing on it. I have been waiting for some institutions to come in -- some grownups -- and let the common (not the ETFs, which have murdered the oils, oil service and natural gas) stabilize the stocks.

It looks like that happened today. Now let's compare two secondaries. Chesapeake (CHK - commentary - Cramer's Take) did one at $57.50 that jumped up from the get-go, and everyone made money if they flipped it. If they didn't, they got crushed. The stock traded down to $45 today. That's astounding.

XTO was the opposite; it didn't pop, it dropped. It got gored and went down as much as Chesapeake went up. They are the reverse; one has a real floor established by fear and pain, the other one had no floor because it went to a premium too quickly.

I think they are very different.

The turn in the group seems a bit more for real, then. The ones that are down the most -- National Oilwell Varco (NOV - commentary - Cramer's Take) and Transocean (RIG - commentary - Cramer's Take) -- might be the laggards that are worth trading.

At the time of publication, Cramer was long National Oilwell Varco.

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