Deals Make It Worth Staying in the Game

Dollar going up. Macro too strong. Micro too weak. Durable goods too strong. Durable goods not strong enough. Inverted yield curve.

Blah, blah, blah. I come back with two reasons you need to ignore this malarkey: Kerr-McGee (KMG - commentary - Cramer's Take) and Western (WGR - commentary - Cramer's Take). These were not hard names to find, particularly the former, which Lehman Brothers just said was the cheapest and the best.

These were not hard to find given that they fell tremendously while the oil and oil futures held up through thick and thin.

I feel the same way, by the way, about copper and gold and aluminum and coal names. They've come down huge here. Do you really think that a BHP Billiton (BHP - commentary - Cramer's Take) or a Rio Tinto (RTP - commentary - Cramer's Take) doesn't want to start buying? Do you think that a foreign company wouldn't like to have Alcan (AL - commentary - Cramer's Take) or Phelps Dodge (PD - commentary - Cramer's Take)?

Or how about the drillers? They've gone down precipitously. Consolidation used to happen there. Then the stocks went up too much. No more. Reader G.O. is thinking the same way: "It seems that all the energy buyouts are the E&P companies. Why aren't there takeouts in the drillers? Why isn't Grey Wolf (GW - commentary - Cramer's Take) or Baker Hughes (BHI - commentary - Cramer's Take) or Patterson-UTI (PTEN - commentary - Cramer's Take) being scooped up? In some ways the drillers are selling at larger discounts than E&P companies."

People are dreaming if they think that a durable goods number or an oil inventory number is going to stop these transactions. But if you leave the table, you will not get hit; you can forget about it.

Don't run because of the macro picture. You can run at times because of the micro picture. But not now. When stocks are cheap, good things happen.

They are happening today.

At the time of publication, Cramer was long Alcan.

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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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