Cramer's 'Stop Trading!': Transocean Tells

Stock quotes in this article: RIG , SLB , JCP  

"The market is a reflection of millions of different decisions," said Jim Cramer on Friday's "Stop Trading!" segment on CNBC.

With that in mind, Cramer said he wasn't going to formulate a view on retail based on JC Penney's(JCP Quote) earnings report today. "I look at something like what JC Penney says, and I can't make that determination," he said.

Cramer said that the two greatest tells for gasoline have been Transocean(RIG Quote) and Schlumberger(SLB Quote). To make a forecast for gasoline, he said, he'd start by asking: "Where's Transocean going?"

"Transocean has peaked out here, and that may mean that gasoline has stopped," he said.

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At the time of publication, Cramer had no positions in stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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