Know What to Hold as Oil Surges Again

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Here we go again: higher crude, sell everything but oil. Hold it, maybe sell oil! Why not, the economy's going to slow so much, who will buy oil?

Except it isn't like that at all.

We sell everything and then we rethink what doesn't get hurt, what gets helped and what is really on fire because of oil.

Yesterday I went through this list: You do not need to sell any of the new techs that make oil cheaper, or the winds or the coals or the infras. That's ConocoPhillips(COP Quote - Cramer on COP - Stock Picks) and Trinity(TRN Quote - Cramer on TRN - Stock Picks) and Apache(APA Quote - Cramer on APA - Stock Picks) and Schlumberger(SLB Quote - Cramer on SLB - Stock Picks), but it is also Boeing(BA Quote - Cramer on BA - Stock Picks) and Schering-Plough(SGP Quote - Cramer on SGP - Stock Picks) (unaffected).

Retail's bad. Financials bad.

And the mineral stocks? Twelve million people moving in China, biggest rebuild ever! And people sell copper and the other mineral stocks. We only wish that these prices would come down. Alcoa(AA Quote - Cramer on AA - Stock Picks) and Freeport-McMoRan(FCX Quote - Cramer on FCX - Stock Picks) anyone?

What else is new?

Random musings: Apple(AAPL Quote - Cramer on AAPL - Stock Picks) and MasterCard(MA Quote - Cramer on MA - Stock Picks) say down day. ... We are due.

At the time of publication, Cramer was long ConocoPhillips, Freeport-McMoRan and Schering-Plough.