Cramer's 'Mad Money' Recap June 26
"The only thing they buy is their own stock," he said. Part of the reason the selloff was so bad today was that companies are forbidden to buy stock at the end of the quarter, Cramer said.
Cramer told viewers to sell Citigroup (C Quote) Washington Mutual (WM Quote), Wachovia (WB Quote), AIG (AIG Quote) Fannie Mae (FNM Quote) and Freddie Mac. "You know I'm fearful about GM and Ford (F Quote)," he said. "You know I don't like retail homebuilders." He said that investors should always have gold in a diversified portfolio. Cramer said that the companies that will rally are companies that offer what's in short supply and companies that rise in a recession. He said stocks like Chesapeake Energy (CHK Quote), Schlumberger (SLB Quote), Heinz (HNZ Quote) and anything that supplies China with the copper, steel and coal that it needs is to be bought here. "Raise cash; don't hold," Cramer told viewers. "We know that we ring registers here all the time. If you don't have cash, wait for things to go lower and then pick."Another Play on Offshore Drilling
The future is offshore drilling, Cramer said. He said that politicians have blocked offshore drilling because historically it has polluted the coastlines. He said technological advancements have made drilling much cleaner in recent years.
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