Looking for Reasons

I see a lot of bizarrely positive theses going on today, many of which I disagree with. One is that the market just went down too much yesterday, giving people a chance to get back in. Fatuous. We are really overbought, and we haven't even seen what the Bear Pro Ultra funds have in for us later today.

A second thesis: We have some good earnings in some beaten-down areas; you have to love the Shaw Group (SGR - commentary - Cramer's Take) (I bought some Foster Wheeler (FWLT - commentary - Cramer's Take) right after it). That Shaw is spurring the down-and-out infrastructure group, which has been hit endlessly by Hedge Fund Hell. I am buying this thesis because the stocks are now hated and cheap. Fluor (FLR - commentary - Cramer's Take) belongs higher. AECOM (ACM - commentary - Cramer's Take) never quits.

More theses: The drug stocks aren't getting as hammered as they have been, perhaps because the unemployment number is going to be huge tomorrow, and you can buy Pfizer (PFE - commentary - Cramer's Take), Bristol-Myers (BMY - commentary - Cramer's Take) and Abbott (ABT - commentary - Cramer's Take). I like the call and I like the action in Celgene (CELG - commentary - Cramer's Take) after still one more downgrade (followed well by Adam). Don't forget they speak next week, and I think they will reassure, not frighten. Abbott's too cheap, but I am talking my Action Alerts PLUS book.

JC Penney (JCP - commentary - Cramer's Take), Kohl's (KSS - commentary - Cramer's Take) and Sears (SHLD - commentary - Cramer's Take) are making people feel that Wal-Mart (WMT - commentary - Cramer's Take) is aberrant, so does the action in Costco Wholesale (COST - commentary - Cramer's Take). You have to like that not all retail is down. This move surprises me.

Then there are the oils: Exxon (XOM - commentary - Cramer's Take) can trade to $80 and Chevron's (CVX - commentary - Cramer's Take) ramping, on worries about war in the Middle East, I believe -- certainly not on demand. Gasoline demand is like Wal-Mart demand: not so hot. I am reiterating that puts should be bought on Transocean (RIG - commentary - Cramer's Take) and National Oilwell Varco (NOV - commentary - Cramer's Take).

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