A Buy List

Never mess with the oscillator. We come in today and the oscillator that I use -- the S&P oscillator, which I have had success with for years -- is flashing minus 6%, and that's been the bottom for the last two years. Minus 5 is where you cover your shorts. Minus 6 is where you simply buy.

What should be bought? Pretty much everything that should be oversold. At these oversold levels, I think that Goldman (GS - commentary - Cramer's Take) and Morgan Stanley (MS - commentary - Cramer's Take) work going into earnings, because the bar is set so low by Lehman (LEH - commentary - Cramer's Take), and Bear is gone so that can't stink up the joint. I do not expect good quarters from either Morgan or Goldman, but you must consider that almost everyone of their competitors is hobbled --Lehman, Citigroup (C - commentary - Cramer's Take), UBS (UBS - commentary - Cramer's Take) are great targets for shorts to be able to bash, and money will be going from them to Goldman or Morgan Stanley. Remember that Morgan Stanley has been the most aggressive at getting the big brokers from Bear. and I think that the Lehman brokers with good books of business will go now that that firm has revealed itself as a catastrophe.

New tech offers some places to go. Corning (GLW - commentary - Cramer's Take) is saying a lot of the right things. Obviously anything semiconductor or software -- Salesforce.com (CRM - commentary - Cramer's Take) and Oracle (ORCL - commentary - Cramer's Take) are best -- because analysts want to get behind them and will.

I like all the new techs here. Focus on Emerson (EMR - commentary - Cramer's Take), Parker-Hannifin (PH - commentary - Cramer's Take), Honeywell (HON - commentary - Cramer's Take) --still, UTX (UTX - commentary - Cramer's Take), Eaton (ETN - commentary - Cramer's Take) -- still, and Caterpillar (CAT - commentary - Cramer's Take) and Deere (DE - commentary - Cramer's Take).

The drugs could be due, but they are really pathetic.

That's enough of a buy list. I suspect that we will have oil on another spike by Tuesday, because these prices still have not brought in any supply, and the shorts might feel that they are going to be scrutinized by the government so they might unwind their positions.

Random musings: Doug has a good call on who might be buying Lehman. Vince Farrell has been putting up some great thoughts for us lately.

At the time of publication, Cramer was long Deere, Goldman, Morgan and Corning.

ALL JIM CRAMER BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

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. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.