Financial Fixation Can Cost You

Did anyone even see that Weyerhaeuser (WY - commentary - Cramer's Take) made this great trade with International Paper (IP - commentary - Cramer's Take), getting out of the commodity container board business and pulling in $6 billion to reduce debt? To me, anytime you get out of a commodity business you lift your multiple, even if the rest is constrained by the housing-related lumber business.

Or how about the story that Bristol-Myers (BMY - commentary - Cramer's Take) might sell its baby-food business for a big chunk of change, another $6 billion.

Hmm, $12 billion in shuffles, both good for the shufflers, and no one really cares.

That's the problem with the endless focus on the financials, something I know I am falling prey to, too. Because of the focus, for example, I also missed that Caterpillar (CAT - commentary - Cramer's Take) traded back to $68 and change after trading up to $75, a terrific opportunity.

Lately I have been trying to focus on the two markets, the one that is winning and the one that is losing. It's tough because some of the winners are either owned by hedge funds that are trying to reduce leverage -- notably the coal, infra and ag names -- or are subject to wild swings in commodities: oil goes down $3 and National Oilwell Varco (NOV - commentary - Cramer's Take) goes down 10%.

Still, it is important to watch these sideshows. If BMY and WY both clean up their balance sheets and both generate good dividends and lots of cash flow, there are natural acquirers out there that will strike and you are paid to wait until they do.

Keep your eyes out on the non-main chance. That may be the only way to outperform in this very tough bear market.

Random musings: Vince Farrell is making some good points about friendless Bear. ... Bob Marcin knocking it out of the park on coal. ... Dougie, as usual, on top of the Bear (BSC - commentary - Cramer's Take) situations. Lots of stuff you are getting nowhere else here.

At the time of publication, Cramer had no positions in stocks mentioned.

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