Sea Change Overnight

When does the new money come in? When it knows what to go into. Right now the market's simply not tolerating the decline in oil and that's where the opportunity might appear.

Many retailers and restaurants peaked not that long ago when it became clear that oil had gotten too high. We saw an end to the big runs in Darden (DRI - commentary - Trade Now) and Yum! Brands (YUM - commentary - Trade Now) and we saw a peaking in Brinker (EAT - commentary - Trade Now).

We also saw the end of the big retail run. When oil's down, gasoline's down and when gasoline doesn't go higher than $3 per gallon, the biggest worry of the bulls is solved.

How about the oils? The good news is that with the exception of the natural gas stocks, the pure oils never increased that much. Neither BP (BP - commentary - Trade Now) or Chevron (CVX - commentary - Trade Now) reflects oil even in the $50s at these prices, so there is plenty of cushion although, of course, nobody feels like buying them today. (I am actually buying a natural gas stock today for Action Alerts PLUS, but that's because I like 'em real cold.)

We have had a remarkable turn in sentiment pretty much overnight, but it is entirely because of price. Stocks got too high, the president became too vocal about companies that are the heart and soul of the market and we are too far from earnings to know how bad or worse things are.

I would begin to buy to get more aggressive down a couple of percent from here as we will have shaken out many of those people who came in late and are now giving up.

At the time of publication, Cramer was long Yum! Brands, BP and Chevron.

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Know What You Own: Other integrated oil companies that might interest investors include Exxon Mobil (XOM - commentary - Trade Now) and PetroChina (PTR - commentary - Trade Now). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.

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