Some Sectors Can Ignore Oil's Gloom

Too hated. This market's just too hated. We have an industrial implosion based on, well, nothing much to speak of except, again, oil! Now the collective notion of oil being at $50 is taking hold, and you can see the consequences.

But let me play optimist: JPMorgan Chase (JPM - commentary - Trade Now), US Bancorp (USB - commentary - Trade Now) and Wells Fargo (WFC - commentary - Trade Now) led this market down and have been total dogs of late.

Plus we have formerly hated health care -- Aetna (AET - commentary - Trade Now), UnitedHealth Group (UNH - commentary - Trade Now) and, best of all, Wellpoint (WLP - commentary - Trade Now), putting up some nice gains. Remember, I think MedcoHealth Solutions (MHS - commentary - Trade Now) should be bought here, too.

Of course, it doesn't matter if oil is not rallying. Everything continues to be nullified by crude -- this time to the negative because of the implication that we are way too high.

I say the selloff slows down here and people begin to come back to tech, where nothing is wrong. Go with Qualcomm (QCOM - commentary - Trade Now), Apple (AAPL - commentary - Trade Now), Intel (INTC - commentary - Trade Now), Oracle (ORCL - commentary - Trade Now) and Microsoft (MSFT - commentary - Trade Now). They have the best momentum and have the best quarters.

We lose oil. We should not lose accidental high-yielding industrials on that.

And I think that Chevron (CVX - commentary - Trade Now) is closing in on where it was when oil was at $40. A great place to buy.

At the time of publication, Cramer was long JPM, CVX, QCOM and WFC.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

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.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.