Possible Buys if They Beat 'Hedgefunditis'

Broken-field running in the oil patch! We've got Chevron(CVX Quote) performing terrifically, BP(BP Quote) stabilizing and Exxon(XOM Quote) ramping.

We've got natural-gas tell Ultra(UPL Quote) -- it always goes first -- headed up, too. But then there's the incredibly beleaguered and cut in half National Oilwell Varco(NOV Quote), and the crushed Conoco(COP Quote), neither of which are so worthy of this kind of punishment if the others are stable or going up.

I think, once again, this is "hedgefunditis," the amazing disintegration of the stocks that are linked with hedge funds, and few stocks are more linked than Conoco and National Oilwell, which have sizable components of hot money in them. (They are like the hot money ag sector, with the now cut-in-half Deere(DE Quote). )

I think, as I said in this morning's video with Farnoosh, this group is beginning to represent real value.

Cramer: Make Money as Oil Slips

I jettisoned a lot of these stocks much higher but now find myself drawn back to them and just made my first new purchase in the group since the early summer.

I have to warn people that hedgefunditis is a continuous condition, with the only cure being the death of the patient. But when you get stocks that have repealed the entire oil move but oil having repealed only about half of it, you have to believe that if oil keeps coming down, all that will happen is the stocks will flounder, having anticipated the decline in the commodity well in advance, as always.

Random musings: Great call by Doug on the GE(GE Quote) which allowed you to make a dollar and change, not small change in this market any more. ... The recession stocks are really on fire today, never a good sign. ... The sellers of the NYX(NYX Quote) seem, at last, to be finished, and the yield's safe.

At the time of publication, Cramer was long GE and Deere.