Look to United Tech, Honeywell for 2006

United Technologies (UTX - commentary - Cramer's Take) and Honeywell (HON - commentary - Cramer's Take) remind me constantly that this market simply can't be considered expensive. Here you have two best-of-breed companies with tremendous financial flexibility that are run by really fabulous managers and sell at 17 times next year's earnings. Who has ever really gotten hurt buying high-quality industrials that are boosting dividends and taking share when they sell at such low valuations?

Last week, I talked about how some of the great tech stocks have done nothing for years and years so those who think they are expensive should plug in the charts for five to eight years to know what I am talking about.

Go do the same thing now for Honeywell. It's incredible how terrible that stock's been, even as the company has moved from being a very cyclical, uninteresting play on chemicals, aerospace and autos to being a premier player in aerospace and controls. It's like no one gets credit for anything that's been done.

United Tech is a little more difficult, in that it has run some over the last six years. But during that period, I would say it has been the single most consistent stock in the Dow Jones averages. Isn't that worth some sort of premium multiple? Shouldn't someone be willing to pay up for that consistency?

The answer, to date, has been no. But when you hear that the next year could be great for the big-cap behemoths, I hope you will think of these two companies, particularly when they have their periodic selloffs that are related to S&P 500 sell programs that move them around like balsa wood in the wind.

Random musings: A lot of people ask me to talk more about low-priced stocks. I've got to tell you what I tell them: If you're really serious about this group, you've got to sign up for Stocks Under $10. The team over there -- Will Gabrielski, David Peltier and Mike Comeau -- is always looking for, and finding, exciting names.

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James J. 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 ActionAlertsPLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.