Learn to Manage Rocky Romance of Drillers

Not that long ago, everyone who bought an oil stock or a driller was complaining to me that he was in the house of pain. Nabors (NBR - commentary - Cramer's Take) was killing them, or ConocoPhillips (COP - commentary - Cramer's Take) or Cimarex (XEC - commentary - Cramer's Take).

Here's my advice: They are all up, so sell some!

I believe that people have to start recognizing that when this very cyclical group is moving, you have to take something off the table so you have room to be able to buy back these stocks when the time comes -- and it will come.

I like the stocks, I like them a lot. But they are serial heartbreakers, and if oil goes back to $60, which it very well may, or if natural gas doesn't respond to the bullish contango, you are going to be right back where you were.

When people say they are in the house of pain, it is usually because they are full boat, meaning they have no ability to buy more stock. By selling some now, you have that chance.

So do it.

Random musings: Looks like Palm (PALM - commentary - Cramer's Take) is taking off; still a very cheap stock.

At the time of publication, Cramer had no positions in the stocks mentioned.

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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. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest 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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