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Selling Is Over for GlobalSantaFe

This column was originally published on RealMoney on April 2 at 3:09 p.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here .

That darned seller of GlobalSantaFe (GSF) is finished, and now the stock is finally ramping. We always talk about window-dressing, about marking up, but we should speak more about the incredibly bizarre desire of some funds to get the dumping of certain stocks done by the end of the quarter.

That's what I saw with GlobalSantaFe last week. Someone banged this stock down from $64 to $61 without much thinking at all. It was just mindless and horrible, despite the company saying, while it was happening, that business is booming and the company would be willing to talk merger.

Last week, I mentioned this stock on Stop Trading and how I would wait to buy it until the last day of the quarter because the seller was so motivated. Bingo, that's what happened.

I think this stock is headed right back to where it was a week ago and then some: $65 to $66.

I'd buy it aggressively here, particularly with day rates continuing to climb, as is clear from the Transocean (RIG - Get Report) fact sheet sent out today.

At the time of publication, Cramer was long Transocean.

Jim 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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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.

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