Cramer's 'Mad Money' Recap: June 27

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The release of the oil inventory number on Wednesday could offer investors a chance to buy oil stocks, Jim Cramer told viewers of his "Mad Money" TV show Friday.

The oil inventory number will cause "considerable hoopla" because traders will be fixated on it. Cramer, however, called it a "contrary indicator." Despite the noise, it doesn't affect the price of oil, he said.

Indeed, "if you go against it, you get your best trade of the week," said Cramer.

The oil inventory number usually comes in around where short-term traders expect it and represents a domestic inventory number. If it is a little more than predicted, then the "world goes insane," said Cramer. "If it goes high, then oil prices plunge."

So here's Cramer's game plan.

If the number shows a big inventory build-up, you should be buying while everyone else is selling off oil stocks, he said.

The caveat? If the oil inventories drop, take a pass and try again next week.

A relatively safe oil stock is BP(BP Quote - Cramer on BP - Stock Picks). A bigger play is Permian Basin Royalty Trust(PBT Quote - Cramer on PBT - Stock Picks).

For something with more pop, try ConocoPhillips(COP Quote - Cramer on COP - Stock Picks), an integrated balanced refiner with a natural gas focus is the choice.

For a pick in the coastal drilling sector, CGG Veritas(CGV Quote - Cramer on CGV - Stock Picks), Smith International(SII Quote - Cramer on SII - Stock Picks), FMC Tech(FTI Quote - Cramer on FTI - Stock Picks) and Oceaneering(OII Quote - Cramer on OII - Stock Picks) are good buys.

Cramer: Forget Oil Inventories, Find the Bargains

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