Can't Rally Without Oil

You can't rally without oil. It doesn't work. There are too many bull markets levered to it.

So when you see the Chevron (CVX - commentary - Cramer's Take) and the Exxon (XOM - commentary - Cramer's Take) and the Conoco (COP - commentary - Cramer's Take) down, when you see that Schlumberger (SLB - commentary - Cramer's Take) is pulling back a lot with my fave, Transocean (RIG - commentary - Cramer's Take), you aren't going to make it back with the airlines.

Remember that the No. 1 bull market out there, agriculture, is totally linked to oil. So is solar power. Those should be marked up at the end of the week (month-end markups live!) for certain, because they are in bull-market mode, but without the Exxon leadership I would expect profit-taking today in all of those.

They might make good sales today to buy back on Thursday -- but this kind of trading around is only for the nimble!

At the time of publication, Cramer was long ConocoPhillips and Transocean.

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Jim Cramer is a director and co-founder 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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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