Commodity Stocks Are a Coiled Spring

What if energy just stays the same or drops a bit? What if we get some good earnings, or at least not disasters?

I think you can make cases for owning stocks as a class after this trashing. Right now I think you are betting against all of corporate America if you are selling stocks like United Technologies (UTX - commentary - Cramer's Take) or Freeport (FCX - commentary - Cramer's Take) here. I know commodity prices are down, but, bizarrely, the stocks are selling down much harder overnight, so why not buy some drillers? Tranocean (RIG - commentary - Cramer's Take) has been the leader -- look at that one on the deepwater drillship contract. That's National Oil Varco's (NOV - commentary - Cramer's Take) breadbasket. I think that one makes sense.

Ag's down so much that you have to believe ethanol is over and famine's cured.

The only thing I worry about is finance, but you have to like the fact that Hank Paulson seems to NOT be crushing Fannie Mae (FNM - commentary - Cramer's Take). Maybe he is saying the implicit guarantee is more explicit than I thought this morning? Possible.

Whatever, my point is that we are the most oversold in a half-dozen years, we have the fewest bulls and we had a PANIC LOW today in the commodity stocks that is holding even as the commodities didn't. The stocks went down first ahead of the commodities.

Now it is their chance to rally.

At the time of publication, Cramer was long National Oil Varco and Freeport-McMoRan.

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