Falling Futures Put Good Stocks on Sale

I don't want to be too glib: the futures are down off the dollar -- best coverage by our own Marc Chandler in Columnist Conversation -- and you are going to have to take advantage of the fact that the S&P is going to take everything down, including the stocks that benefit from the surge in commodities and the weak dollar.

That means you can get a ConocoPhillips (COP - commentary - Cramer's Take) or a Halliburton (HAL - commentary - Cramer's Take) or a Devon (DVN - commentary - Cramer's Take) or a Transocean (RIG - commentary - Cramer's Take) below where you should be able to buy it. You can snap up Barrick Gold (ABX - commentary - Cramer's Take) for less than it should be.

Oh, and if you can exclude commodity costs -- think of Coca-Cola (KO - commentary - Cramer's Take) or Altria (MO - commentary - Cramer's Take) -- you are going to be able to buy anti-dollar stocks below where they should be.

The broad-brush selloffs we have been seeing make a huge amount of sense on a macro level. They are sorely lacking as a way to make sense of the different components of the market. Does anyone think that Boeing (BA - commentary - Cramer's Take) sells fewer planes when the dollar's on sale? Do you really believe that a foreign-sale-based Avon (AVP - commentary - Cramer's Take) or a Colgate (CL - commentary - Cramer's Take) is going to get killed. Microsoft (MSFT - commentary - Cramer's Take)? Sells more product. Intel (INTC - commentary - Cramer's Take)? Sells more product.

Or do you think that Hologic (HOLX - commentary - Cramer's Take) gets hurt? Medco Health (MHS - commentary - Cramer's Take)? Merck (MRK - commentary - Cramer's Take)? Becton Dickinson (BDX - commentary - Cramer's Take)? Don't be silly.

We are not the U.S. of 1990 when 6% of the GDP -- construction of commercial buildings -- was wiped out by the S&L crisis. There are plenty of stocks that simply don't get hurt on this stuff.

That's why you have to keep your eyes open here for bargains.

Don't get too caught up in the futures. They have been so wrong in both directions. Why should today be different?

Random musings: It is amazing that few of the European companies out there have been buying our assets. We are so on sale. But the Europeans tend not to want to make a move until they feel a bottom has been reached. So far, very right.

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

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