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Always a Quick Draw; Falling Euro Hammers Oil Stocks: Jim Cramer's Best Blogs

Stocks in this article: GRPNPCLNDISTWTREOGGPS


The Falling Euro Hammers Oil Stocks

Posted at 12:02 p.m. EDT on Thursday, Nov. 7

Currencies bore me. Why? Because I know they bore you. Unless you travel overseas, you don't think about currencies. They are irrelevant to almost everyone reading.

But some days, currencies are almost all that matter. I say "almost," because this is Twitter's (TWTR) day. However, a cut in the interest rates in Europe this morning -- some called it a surprise cut, even as almost all the people I know were looking for it --caused the euro to get hammered and the dollar to shoot up. Because oil is denominated in dollars, that allows more oil to be bought for less money, and that's causing a huge decline in everything oil-related, even as the companies themselves are doing extraordinarily well.

Because the currency is the impetus, not the companies, it is very confusing to people, but it is the reason, not the numbers. For example EOG Resources (EOG) reported a magnificent number and gave a big guide-up, but it gets hit anyway.

The plunge in the euro and the sharp rise in the dollar may not last. I would be a buyer of the oils, not a seller, because I believe, in the end, that demand for oil is still strong, and the assets in the ground are huge.

Still, though, I see on my screen what you see, and we know currency is the reason, not the earnings, and that's where I think the opportunity comes in.

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