Cramer: CSX Is the Template on Hedgies

This post appeared earlier today on RealMoney. Click here for a free trial, and enjoy incisive commentary all day, every day.

Here's your marching orders for right now, into the Christmas rally. While I never say you can't forget the fundamentals, hence my earlier piece about Ingersoll Rand (IR Quote) et al., I believe the first-quarter story will be the return of the gated sellers.

There were two stories all 2008 -- what will happen to the company you own, and what will happen to the stock you own. We know from the overreaction in stocks that the there was a total divergence beginning with the peak in commodities in July. Stocks that hedge funds owned -- all the natural gas stocks like XTO (XTO Quote), Cabot (COG Quote), Chesapeake (CHK Quote) and Anadarko (APC Quote); and the oil service plays, specifically National Oilwell Varco (NOV Quote) and Schlumberger (SLB Quote); as well as infrastructure plays like Jacobs (JEC Quote), Fluor (FLR Quote), Foster Wheeler (FWLT Quote), McDermott (MDR Quote), Shaw (SGR Quote) and Trinity (TRN Quote) -- were just destroyed. Same with the steels, like Nucor (NUE Quote) and U.S. Steel (X Quote). Same with the ag stocks: Potash (POT Quote), Mosaic (MOS Quote) and Agrium (AGU Quote). ...