Oil Talk Heats Up

The debate raging about oil on the site is why I love RealMoney. We've got the technicians weighing in: Downright chilling to read Helene Meisler, until you spot Dan Fitzpatrick's note. We have the knowledgeable oil traders weighing in: Do you really want to take the other side of Dan Dicker? And we have fundamentalists checking in, notably Doug "Right as Rain" Kass.

As you might have guessed I am going with hot hand Doug Kass and to "Mad Money" fave Fitzpatrick. While the chart patterns look awful to some, Dan's advice to me on the Marathon Oil (MRO - commentary - Cramer's Take) charts last night and the potential double-bottom in crude speaks volumes.

I am also heartened by the notion that the shut-ins will play a role on the supply side and the drillers are cutting back so quickly that I have to believe you will soon feel it in the numbers. I know gasoline use in this country is way down but I also know that the Baltic Dry Index is way up (50%) and, while it doesn't measure crude, it is an interesting coefficient to oil.

And the stocks, which I am more attuned to, say the bottom is most certainly being put in. Chevron, as usual, hangs in like a champ at under $70. The horrible $4 to $5 vacillations seem to be behind us. It emboldens me that the drillers have pulled back from their highs but have not violated their lows from last year. I recommended some very profitable shorts here on Transocean (RIG - commentary - Cramer's Take) and National Oilwell Varco (NOV - commentary - Cramer's Take), but I no longer think they work.

Still, what I like best is what's offered here: something for everyone, just like the real market. I sure wish the highly paid analysts on Wall Street would give us the same tests of conviction that you get here, but then again I have long held that RealMoney is the place for real research and a real pounding out of ideas to make you a better investor.

Random musings: Johnson & Johnson (JNJ - commentary - Cramer's Take), another Buffett name, is in freefall. This is a very high-quality company that is rarely put on sale like this... Does anyone truly think that the "end" of Wal-Mart (WMT - commentary - Cramer's Take) is upon us, as the stock trades now? I would like it to be my biggest Action Alerts PLUS position if it gets to $45... My new "Off the Charts" segment on "Mad Money" is the most well received segment I have ever done... I do hope the Obama team understands that preferreds are how banks raise capital as they are being destroyed in the last few days. Royal Bank of Scotland (RBS - commentary - Cramer's Take) is some of it, but also the lack of direction on preferreds from the under-fire Geithner isn't helping. The market wants clarity... Fabulous news about Dimon buying stock at JPMorgan Chase (JPM - commentary - Cramer's Take). He can't be all as negative as he was at $32. Ken Lewis bought Bank of America (BAC - commentary - Cramer's Take) stock too, so enthusiasm has to be tempered... Apple (AAPL - commentary - Cramer's Take) joins IBM (IBM - commentary - Cramer's Take) on the upside. Again, the negativity is cordoned to finance... There was a big state government out-of-bonds-into-stocks program today that might have put the extra kick into the market's step.

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At the time of publication, Cramer was long Wal-Mart, Johnson & Johnson and JPMorgan Chase . Jim Cramer is co-founder and chairman 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. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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