Five Plays for a Hectic Week

If it weren't enough to have big broker earnings and a Fed meeting and a ton of macro data, it is expiration week. That means we are going to see some stocks pinned higher and lower.

Let me give you some interesting plays along these lines to use near-term calls as proxies:

Procter & Gamble (PG - commentary - Cramer's Take) thrives for a lot of reasons as I mentioned earlier today and I think this stock could power to $70 -- and deserves to. Maybe a September 65 call?
Altria (MO - commentary - Cramer's Take) could return to where it was when it announced the split: September 65 calls again.
Oil's going higher again, which could cause another number raise. What happens if Schlumberger (SLB - commentary - Cramer's Take) can't be contained by the strike? How about a September 95 call play.
Boeing's (BA - commentary - Cramer's Take) on time, according to press reports, which means a September 95 call play might be important.
Caterpillar's (CAT - commentary - Cramer's Take) on the move: natural to go out at $75, there I would buy the September 70 calls.

Hope those help!

Random musings: I did not mention Goldman (GS - commentary - Cramer's Take) as a call play because: A) the calls are too expensive, and B) Lehman's in control. ... EDO Corporation (EDO - commentary - Cramer's Take) reminds us that defense is always in fashion these days. I would continue to buy Northrop Grumman (NOC - commentary - Cramer's Take) and Raytheon (RTN - commentary - Cramer's Take). ... Moritz's piece on Apple (AAPL - commentary - Cramer's Take) could drive that one to $140, but there is not that much room there to buy the $135 calls, which are pumped to $140 and change. ... Priya Ganapati's article on Take-Two (TTWO - commentary - Cramer's Take) and O.J. really fab.

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

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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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