Stop Trading!
Jim Cramer's 'Stop Trading!': Gold Is Back
TheStreet.com Staff
05/08/08 - 02:55 PM EDT
Gold is back, Jim Cramer said on CNBC's "Stop Trading!" segment Thursday.
Cramer dismissed Wall Street observers' claims that the dollar is correlated with oil. "Oil is correlated to supply and demand," he said. "The stocks are signaling that gold is going higher." He recommended Agnico-Eagle Mines AEM and Yamana Gold AUY. "They're not done going up," he said.
"Retail was a great trade," Cramer said, but "we're finished. I want to sell retail." He instructed viewers to get out of Nordstrom JWN, Phillips-Van Heusen PVH and VF Corp. VFC.
On the other hand, "Wal-Mart WMT is the keeper in this group," Cramer said. However, he observed that "Kohl's KSS said good things, the stock is going down. This group has had it." He was also bearish on Target TGT.
Cramer then moved on to discuss oil drilling in India. He said companies like Transocean RIG are "really talking about India."
Cramer also recommended Discovery Holding DISCA, saying the company is unwinding its "convoluted ownership structure," and noting that the stock is a "green play."