Three Tech Plays -- On Oil

Name me three tech stocks that have increased more than 100% in the last year that are still cheap.

Try it! Think you can't?

I have some news for you. I have three that are still selling well under twice their growth rate that have more room to run and simply aren't done, as crazy as that seems: Oceaneering (OII - commentary - Cramer's Take), FMC Technologies (FTI - commentary - Cramer's Take) and Core Labs (CLB - commentary - Cramer's Take).

I know. These are oil companies. They are not semis or software or hardware. They are technical services companies that allow companies to recoup marginal oil.

They are the ultimate tech plays on $80 oil. They are worth their weight in black gold.

I have long championed these companies, particularly Core Labs, which tells you where to find the hard-to-get oil in what looks like spent reservoirs. This technology matters particularly for either those majors that are desperate to find more oil, or, more likely, the smaller companies that buy properties from the majors and get out the marginal oil that allows them to boost reserves when they buy old fields.

FMC and Oceaneering are deep water plays, the service companies you need to bring in when you are drilling where the oil still is. These are companies that you bring in for harsh environments both to repair -- Oceaneering (remember them post-Hurricane Katrina?) -- and just to extract hard-to-get oil -- FMC.

In a market where the regular tech companies seem stretched on a multiple basis, these stocks only seemed stretched on a chart basis -- don't look, they are all classic parabolas.

I like to buy these stocks on a 3%-5% pullback. That hasn't happened lately. Which means that we are now in that period where you have to bet against yourself and take some down now -- I like to do it with long-dated, in-the-money calls -- and wait for the pullback that might never occur. At least you will have "something on" for the constant advance. And if oil breaks below $78, you will get a chance to buy another tranche at better prices.

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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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