Good Moment to Buy Good-News Stocks

They couldn't take it down, so now they're taking it up. Sometimes it is that simple. My takeaway from the morning's trading was that the lackluster opening in response to the General Electric (GE - commentary - Cramer's Take)-Yahoo! (YHOO - commentary - Cramer's Take) tandem generated some selling. But the selling led to nothing, so we have a chance to see whether a rally can be mounted.

On days like today, when you have the odds in your favor -- read James Altucher's great column, if you don't believe me -- I like to go and buy all the companies that just reported good news. That means I would be buying Yellow (YELL - commentary - Cramer's Take) and Celanese (CE - commentary - Cramer's Take), knowing that the worst that could happen is, well, nothing.

Or I would be buying Kmart (KMRT - commentary - Cramer's Take), knowing that the deal is now done and the analysts and the index fund buyers won't be far away from supporting it.

Or, again, I would buy oil stocks, because they just had a huge selloff based on a squeeze up and down in the futures. I am thinking about their earnings and their dividends and how they actually have the ability to keep pace with Treasuries in the foot race between cash rates and dividends. Banks don't have that kind of firepower.

I am sure there are people out there saying, "That's all GE can do with this news?" To which I say, "Hey, to me it's more of a buy than ever." You can't let the crowd dictate your tastes.

You know what else? I think you just got a nice chance to unload the drug stocks again, too. The dollar strength is just another nail in the coffin of this group.

Random musings: I am getting a lot of terrific email about the preview of my 25 Rules of Investing that I am recapitulating on the site. I have to tell you, in full disclosure, the book has a lot more than just the rules, and the examples I'm giving you each day here on the Web are different and in addition to what I've written for the book. Click here to order a copy!

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At the time of publication, Cramer was long Yahoo! and Kmart Holding. General Electric owns CNBC, for which Cramer is a featured commentator.

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