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Jim Cramer's 'Stop Trading!': Buy Occidental

TheStreet.com Staff

"People hate -- absolutely hate -- the oils all of a sudden," Cramer said. He said that pullbacks in oil typically last three days. "On the fourth day, you have to come in," he said.

Cramer said that Occidental has natural gas exposure, "which is really terrific." He called the company "the overlooked great one."

Noting a decline in timber prices, Cramer pointed viewers to Weyerhaeuser (WY - Cramer's Take - Stockpickr). "Lumber guys, timber guys are getting hooked into ag," he said. "Don't forget Temple Inland (TIN - Cramer's Take - Stockpickr)."

Regarding the broader market, Cramer said, "I can't be as negative post-Bear (BSC - Cramer's Take - Stockpickr) and post what I regard as an understanding that there's more money coming into these beaten down financials ... I can't be as negative as other people."

Cramer compared today's declining price action in Sovereign Bancorp (SOV - Cramer's Take - Stockpickr) to that of Ambac (ABK - Cramer's Take - Stockpickr) yesterday, saying that if investors hadn't had a "glass-half-full expectation," the market would behave differently.

"Look at Merrill (MER - Cramer's Take - Stockpickr)," Cramer said. "That should've been down. ... The market has no memory from yesterday's Ambac."

Cramer attributed today's bullish action to nice weather and expectations tied to a pending $600 tax rebate for consumers. He reiterated that the "$600 rebate play is Apple (AAPL - Cramer's Take - Stockpickr)." He recommended the company on the strength of its new iChat technology. "Hewlett-Packard (HPQ - Cramer's Take - Stockpickr) and Dell (DELL - Cramer's Take - Stockpickr) are radio companies, and Apple is a TV company," Cramer said.

Broadly speaking, Cramer said, "I can't hate the darn market. ... Wait for three days for oil and ag, then go back to work."