Soft Goods Look Like Bargains Once Again

Split the difference. Buy some of the down-and-outers, a beaten-up retailer and a decent bank that you think doesn't count on MBIA (MBI - commentary - Cramer's Take) and buy some of the soft-goods plays for when the euphoria of the rate cuts dies down: Altria (MO - commentary - Cramer's Take) and Colgate-Palmolive (CP - commentary - Cramer's Take) or Procter & Gamble (PG - commentary - Cramer's Take) perhaps.

The risk in the latter is that the Fed cuts again next week. The risk in the former is that it doesn't cut next week.

It's too touch a choice. But we are so oversold and the market could be up so much and we saw such a whoosh this morning that it is probably worth a try now that the margin people are out of the way.

I reiterate that three quarters of point matters, that it is a game-changer, even as I find it repugnant how we came about this one.

The notion that all of the soft-goods stocks are now out of bounds seems pretty silly. The ones that have come down a lot seem like buys all over again.

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

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