Goldman Bankable

Really getting my wishes here with this down-day stuff. But I am adamant that unless we build up some negativity, we are not going to get where we have to be.

I want to focus on Goldman Sachs (GS - commentary - Cramer's Take) for a moment. Do you know the last time we had a vicious selloff, the February kind, this stock got pole-axed down to $180.

At that price, it looked as preposterously dangerous and perilous as it does now in the low 220s. It has a real "no bottom" feel. I know from the Answers tab of www.stockpickr.com people are petrified of the whole group. So many negatives: interest rates going higher, commodity prices going higher, mortgage business not booming, equity issuance slowing down. Trading slowing down.

To which I say, do you really think these are trends that Lloyd Blankfein & Co. can't negotiate? Do you think these aren't already fully discounted in a nine multiple? Do you think that they are really hostage to this kind of activity?

If you do, join the club of nonbelievers who have kept this stock cheap the whole way from $100 to $230.

I would urge you to be buying down on this stock. I told a group of terrific women who are in college or just graduating, as part of a seminar thrown by 85 Broads, a fantastic organization, that they should buy two to three shares of Goldman Sachs. I said buy one here and then pray the bears take it down to the $210s.

Do I think it will get there? Not if the pattern that held true at $190 holds true today. Then why not buy it all at once? Because nobody's that good. Still, I urge you to remember February and how this stock looked.

Cause it is looking that way again 30 points higher.

At the time of publication, Cramer was long Goldman Sachs.

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Jim Cramer is a director and co-founder 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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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