These Turn Plays Have Even More Juice

The turn is for real.

That's what I am hearing about a bunch of names. First, the Ford (F - commentary - Trade Now) turn. People are not waiting to see what GM (GM - commentary - Trade Now) and Chrysler are doing here. They are buying Ford right into the possibility of a gigantic equity offering to continue to pay down debt, because remember, there is still a big cash burn there.

Motorola (MOT - commentary - Trade Now) -- people think the restructurings are finally paying off despite the company not having the right or the cool phones. That's an amazing leap of faith, but the market's enjoying it. Handset shipments did increase, though.

The turn in Dow Chemical (DOW - commentary - Trade Now) is being viewed as real. This is one where for a while the whole company seemed to be in doubt off the Rohm & Haas deal. But with raw costs -- natural gas -- way down, the balance sheet improving and the tremendous amount of cost-cutting flowing through, this one's viewed as being a hugely successful turn. Andrew Liveris talked about progressive improvement in the quarter, once again reminding us that July was a strong month.

Then there are two that are nascent: Bank of America (BAC - commentary - Trade Now) and General Electric (GE - commentary - Trade Now). Bank of America's good news comes from reserve building and a belief that their repossessed housing portfolio -- other real estate owned -- is about to flip into positive territory. GE's comes from a belief that the president's team will fail to re-regulate GE.

Finally, there is one that is simply preposterous but working: Citigroup (C - commentary - Trade Now). There was tremendous arbitrage pressure and the government owns a ton of stock, but it is possible that this stock is a $3 call on a world comeback and a dismantling -- another asset sold today. Lot of assets that could still be sold.

These turns are humongous. In a turn, you don't stop here. All of these can still be bought, as all of them are plays on the recession ending ... and whether you think it is ending now (not me) or ending six months from now (me), there's a lot of room to run.

Random musings: I know that commercial real estate is everyone's big bugaboo and the Achilles' heel of this market. But check out the continued good action in Boston Properties (BXP - commentary - Trade Now), Federal Realty (FRT - commentary - Trade Now) and Brandywine (BDN - commentary - Trade Now). These cannot be going up if things are as bad as the bears make it. ...The heat on Goldman (GS - commentary - Trade Now), most recently that it would get hurt by commodity trading curbs, seems to have lifted. I never bought into it. ... Doug's call on the insurers -- Hartford (HIG - commentary - Trade Now), Lincoln (LNC - commentary - Trade Now), Principal (PFG - commentary - Trade Now) et al. -- is looking like pure genius. ... Wynn's (WYNN - commentary - Trade Now) not done, because the Macau offering can still put this one up to $70. ... Don Dion is out with an amazing piece about the pressure on these leveraged ETFs and how they might be going away. Love it! Of course, remember the SEC did a superficial analysis of these and didn't understand them when they were approved. Notice that the purveyors of this nonsense are awfully quiet...

At the time of publication, Cramer was long Bank of America, GE and Goldman Sachs.

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Jim Cramer is co-founder and chairman 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.

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