Jim Cramer's Best Blogs

Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:

• misconceptions on oil,
• finding a bottom in banks, and
• a retail-driven rally.

Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.

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The Market Is Getting Oil All Wrong
Posted at 3:35 p.m. EDT, June 22, 2009

The Alka Seltzer has been passed out. The "Hangover" -- which by the way is a surprisingly funny movie -- is almost dissipated. But there's still no reason to buy ... yet.

We have some green clues about where the money seems to want to go: Procter & Gamble(PG Quote), Wal-Mart(WMT Quote), Inverness(IMA Quote), Verizon(VZ Quote), Hershey(HSY Quote) and General Mills(GIS Quote). Those are no doubt in reaction to the decline in oil, which is being taken, every tick down, as evidence that things are getting worse again in the economy.

Tell me you don't want to throttle the people who are in control of stocks right now, the ones who seem to do their best to get it wrong, because oil shouldn't have been in the $70s, at least when it comes to demand. It is true that Mexico is having a decline in oil that's catastrophic. But otherwise, the market is pretty much the same as it was a year ago, but the economies around the world are a lot weaker. Plus natural gas? I mean, where the heck is that one going? I had thought no lower than $3.50.

Given the way the options expiration came down, without a lot of stocks ramping up. I am surprised that there isn't a little shake-off here.

But not yet.

Not with oil.

Not with the wrong-headed people selling the market for reasons they should be buying it.

At the time of publication, Cramer was long GIS.

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting