These stocks are as horrendous now as they had been rosy in 2008. I know they are pathetic, but I also believe this: If anyone thinks the world's going to come roaring back someday -- like the people who think Fed chief Ben Bernanke is sowing inflation -- then they'll probably want to pick among this rubble. Things aren't great out there, but they certainly aren't as dire as these stocks would seem.
I say pick one and get comfortable with it -- and accept that, while these stocks stopped going up a long time ago, it is doubtful that they will all go under.
My favorite? Alcoa. But I have to admit that, in a world where drilling is coming back strong, U.S. Steel will be tempting if we can just find a way to compete with Mexican pipe; the North American Free Trade Agreement really killed these guys. Coal? If natural gas goes to $5 per MMBtu, as I think it might, coal has a fighting chance.
There's gold in one of these hills. You just have to do some mining.Action Alerts PLUS , which Cramer co-manages as a charitable trust, has a position in UTX.