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This week's selloff in energy stocks is an opportunity to buy, said Jim Cramer Friday on his "Mad Money" TV show.
It's hard to call an absolute bottom, said Cramer, but he believes a bottom is close at hand if one hasn't already occurred. Cramer would look to buy energy stocks Monday morning, and if the stocks go lower, he would look to buy more.
Although oil is still in bull market mode, said Cramer, it's no longer the best deal. His favorite energy play is coal, which was down more than oil this week, he said, calling coal stocks cheap at these prices. The best of breed among coal stocks is
(BTU - Get Report)
, said Cramer. Peabody was down about 12% for the week, ending the regular trading session Friday at $74.65. Even though the stock was down, the fundamentals for Peabody haven't changed, he said.
Consider yourself lucky with the selloff, said Cramer, and "get yourself some Peabody Energy while it's still under $80." Over $80, though, and Cramer would look to take some profits.
In response to a question about
Fording Canadian Coal Trust
, Cramer said Fording should be bought. Fording has the biggest dividend among coal stocks, he said, while Peabody is the best of breed.
, which have together announced a plan to build a clean-coal processing plant, Cramer said he is not a fan of either company. Cramer said KFx is too promotional and that the company has the "highest press release-per-day ratio" of any company he's seen since the dot-com era.