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Defensive Stocks Rule the Market Again

These names are riding high again as the commodity crash and consumer spook traders.
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This column was originally published on RealMoney on Oct. 4 at 2:30 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

It's back to a

Procter & Gamble

(PG) - Get Procter & Gamble Company Report

and

Altria

(MO) - Get Altria Group Inc Report

market. That's because we simply can't believe that there can be

such a commodity crash and it's

not

because the consumer is tapped out.

Of course, I disagree. I think the same-store sales, away from

Wal-Mart

(WMT) - Get Walmart Inc. Report

, show the consumer is strong. I think Wal-Mart is being challenged by every single retailer out there. They all have Wal-Mart's number.

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Instead, what I come back and say is that we simply are buying stocks that make us less worried about earnings estimates, as they are all too low for the next quarter.

Again, I will also reiterate how much I like

Kimberly-Clark

(KMB) - Get Kimberly-Clark Corporation Report

, which is the cheapest and the most levered to oil. I smell an upgrade as this stock hits a 52-week-high. There are way too many "sales" on this name.

Diapers; Depends; defensive buy.

At the time of publication, Cramer was long Altria.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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