Break Out the Haystacks! Find Needles in Oil, Gold

Days when you lose oil as a prop and when you see that the banks are not responding to new cash infusions, it's a true struggle not to be too negative. You don't want to miss opportunity.

But break out the haystacks again, because there are needles in there somewhere.

I continue to be bullish on oil, which is down for short-term reasons, President Bush pressuring the Saudis and a false story about how the developed world is using less oil. (Darn it all can't people just look at the numbers and the use and the inventories? Is that too hard?)

Given, though, that there are articles that say the president can help and other articles that say "in a recession, we use less oil" -- we are going to watch that group break today.

Which I say is perfect. In a week's time, we will look at their earning and their dividends -- ex refining -- and breathe a sigh of relief vs. everything else.

But that's not today. If you believe the negative chatter out there on Schlumberger (SLB - commentary - Cramer's Take) today, you have to wait until next week to pull the trigger. Not too long to go.

Of course, there is gold. That's Yamana (AUY - commentary - Cramer's Take) and Barrick (ABX - commentary - Cramer's Take) for me.

And there is the lone financial I want to buy, Annaly (NLY - commentary - Cramer's Take), as a play on all of the chaos out there, as it is clear that Citigroup (C - commentary - Cramer's Take), while furiously dumping as much as it can, simply has to dump more. And the only public outfit with capital outside of the hedge funds is Annaly.

I hate to harp here, but this chaos is what I was trying to avoid when I went ballistic last August.

It is all happening: bear market, decline in retail sales, recession.

Just an awful time for the market. Own it, adjust to it or be blown out of the game.

At the time of publication, Cramer was long Annaly and Citigroup.

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