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Cramer Quick Take: Wait on Buying Auto Stocks

NEW YORK ( TheStreet) -- Monthly auto sales data were released Monday and that got TheStreet's Jim Cramer and Debra Borchardt talking about auto stocks.

The data were strong but Europe continues to be a drag on Ford Motor (F - Get Report) and General Motors (GM) despite strong sales domestically.

Ford, a holding of Cramer's charitable trust Action Alerts Plus, reported stronger sales of its F-Series trucks than in any year since 1976, but investors know not to chase these stocks right now, Cramer said.

"This is one of those anomalies where if they were just American companies Ford would be double," Cramer said. "This is a boom time for American autos." But Ford, like other companies, wanted to "diversify away from America," Cramer noted, "and it's the rest of the globe that's hurting them."

Investors can no longer trade off these companies solely on their American sales numbers, Cramer said. "You've got to wait until they report something in Europe."

-- Written by Bret Kenwell in Petoskey, Mich. .

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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