Splashing in the Dips

Consensus forming: It's dangerous to buy the dip. So dangerous, perhaps, that it is causing fear to hit home with the dip-buyers!

I am case by case. I want to buy the Citigroup (C - commentary - Trade Now) dip -- why not? It is a major turn. However, with the exception of Wells Fargo (WFC - commentary - Trade Now) a point from here, I have no desire to buy the first day of the bank dip. I'm with Doug Kass on that one.

I want to buy the Internet tsunami dip, including the Kass-maligned Cisco (CSCO - commentary - Trade Now) (ha!), Qualcomm (QCOM - commentary - Trade Now) and Apple (AAPL - commentary - Trade Now), which is headed down with the rest of the mob, are looking mighty attractive. But I have had enough of the semis for now as the worst one, Micron (MU - commentary - Trade Now), just hit a 52-week high!

I like the J.C. Penney (JCP - commentary - Trade Now) dip and I notice the incredible action in Kohl's (KSS - commentary - Trade Now) and Target (TGT - commentary - Trade Now) and wish they were down. They are such tells for the turn, especially Kohl's, which is almost at its high. Reduced inventories more than make up for reduced sales.

I like the Wynn (WYNN - commentary - Trade Now) dip, hate the Las Vegas Sands (LVS - commentary - Trade Now) dip!

I have already declared that I like the restaurant dip; can't change course midstream.

But here's the biggest one: the health care non-dip. Even as Vince Farrell has correctly outlined the nutty House health care bill, it is obvious that the Senate will strike it down, so the managed care non-dip -- especially as Cigna (CG - commentary - Trade Now) filed to sell some securities last night -- makes a ton of sense to buy. Wellpoint's (WLP - commentary - Trade Now) moved a lot but it has an awful lot to gain from the "victory" that Obama's going to declare.

But no thanks on the oil dip, food dip, nat gas dip or the cyclical dip. Let them dip more without me.

So Mr. Kass and the other dip followers, I am going to take a splash in the pool, not all in!

At the time of publication, Cramer was long Wells Fargo, Cisco and Qualcomm.

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.