Jim Cramer's Best Blogs

I come back to PG/CL. Just too hard otherwise.

Oh, one other wild card: When do the industrials get too cheap? When do we buy some United Tech (UTX Quote) or Honeywell (HON Quote)? There I would say the key is aerospace. Those are long cycles, and the cycle's going really badly. They often have military, and the ascendancy of Obama in the polls makes them difficulty to own.

At the time of publication, Cramer was long Pepsi, Procter & Gamble, McDonald's, Abbott Labs, Schering-Plough, Wal-Mart, Gilead Sciences and Qualcomm.

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Look at the Facts

Originally published on Friday, Aug. 8, at 9:31 a.m. EDT

If you listen to the bank bears, everything's worse than it was four weeks ago. The losses are increasing, the auction-rate preferreds are now biting, the mortgage implode-a-meter now measures how many homebuilders are going under. German banks are repossessing Vegas vanity projects, and Freddie Mac's (FRE Quote) moaning that it isn't their fault, they didn't compromise standards, things have just gotten much worse.

To which I say, let me give you some evidence that would suggest otherwise. Check out the prices from July 15 and those from last night's close:

• Ambak (ABK Quote): $1.70 -- $4.59
• MBIA (MBI Quote): $3.90 -- $8.28 (not including today's blowout earnings!!)
• Wachovia (WB Quote): $8.90 -- $17
• Bank of America (BAC Quote): $18 -- $31
• Fannie (FNM Quote) (yes, FNM!): $6.90 -- $9.90
• Freddie (yes, FRE!): $4.05 -- $5.89
• Wells Fargo (WFC Quote): $19.90 -- $29
• JPMorgan (JPM Quote): $30 -- $39
• Lehman (LEH Quote): $11 -- $17
• WaMu (WM Quote): $3.10 -- $4.90
• Citi (C Quote) (yes, C!): $14 -- $18
• AIG (AIG Quote) (yes, AIG!): $20 -- $24

When I made my bottom call -- as usual maligned by people who say I have called many bottoms -- regardless of whether I was saying a trading bottom or whatever, I was simply speaking of not violating those levels. There's a host of other commodity-consuming companies' levels that also hit bottom at the same time with the peak in oil that I don't think will be violated.