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EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stock Under $10 that he thinks could potentially double or triple in the next 6 to 12-months. See what he's trading today with a 14-day FREE pass.

A No-Justice Market

So, now get out of the four walls of these miscreants, and puzzle over the trajectory of the following companies.

First, IBM ( IBM). Remember that last quarter? It disappointed pretty much everyone, even as management told you that things were going to get better. The result? A two-day decline, stabilization, and then ramp -- big ramp, huge one -- that you would love to have caught.

How about Johnson & Johnson (JNJ)? If you go back to the last quarter, there was nothing to like about it, nothing at all except it was now run by a different CEO. The stock's up almost 10% after an initial pullback.

Or how about McCormick (MCK), the spice company? It reported an incredibly hideous quarter in January, a real stinker, driving the stock from $66 to $61. I spoke to the company, and management made it clear that the issues were one-time only. The stock caught a couple of downgrades, and then the shares stopped going down. Without knowing anything more, the stock has now run from $61 to $71, a testament of another best-of-breed company attracting buyers.

Now, how about retail? Think about these two: Bed Bath & Beyond (BBBY) and Target (TGT). No one liked the last quarter of Bed Bath, but it managed to bottom after several downgrades. That's right, it  found its footing and bottomed. Sure enough, the stock is up 10% since that bottom, and is still going higher -- on no new information except vague takeover rumors.

Target? Really bad, disappointing sales numbers. Terrible. But they turned out to be just a glancing blow. Like the rest of these stocks, the numbers were seen as a buying opportunity.

Now Deere, Oracle, Cat and FedEx are not alone. Two days ago, Occidental (OXY) lowered the boom on its earnings. It was pathetic. The stock went down both days as the big owners took two days to blow out of it. We didn't get any downgrades -- and, although I expect them, they haven't surfaced yet. You know why? Because the stock's been overly punished, and the company's getting new management that might do what Marathon Oil (MRO) and ConocoPhillips (COP) did: split the company into two and bring out tremendous value. At this point, why not wait for that to happen? If you don't own it, you know that you want to get started. If you do own it, as we do for the Action Alerts PLUS charitable trust, you want to buy more because the quality is there.

What can I say? You can argue there is no justice here. But we are in a no-justice market. We are in a bargain-hunter market. Too many stocks have moved so much not to seize on any bargains.

That's what keeps happening. Why should we think it won't happen again?

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long ORCL, IBM and OXY.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long ORCL, IBM and OXY.

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