On the Thursday-night episode of "Mad Money" on CNBC, Jim Cramer said that the market is no longer bottomless and is being led upward by oil, technology and banks.
The biggest story is that oil is above $50 a barrel, he said. Oil stocks that merited specific mention included BP(BP Quote), which he owns for his Action Alerts PLUS charitable trust; BP Prudhoe Bay Royalty Trust(BPT Quote), which he called a "safe bet"; and Permian Basin Royalty Trust(PBT Quote), which was up 27% since he'd mentioned it on Feb. 26.
Permian Basin closed on Friday up 11 cents, or 1.1%, at $10.32; and BP Prudhoe Bay was up $3.61, or 5.9%, at $64.96; while BP was down 81 cents, or 2%, at $39.40.
On the "Sell Block" on Thursday were two REITs, Kimco Realty(KIM Quote) and ProLogis(PLD Quote). Cramer said both were threatening to cut their dividends, something he said is usually followed by more bad news. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,285.97 | 1,091.93 | 2,172.99 | 33.92 |
Oil *
75.74
|
|
DOWN
104.14
|
DOWN
11.32
|
DOWN
16.62
|
DOWN
0.56
|
10 Yr
3.39%
SPDR Gold
110.95
|
|
-1.00%
|
-1.03%
|
-0.76%
|
-1.62%
|
Data delayed 20 minutes |
Connect with TheStreet