WINDERMERE, Fla. (Stockpickr) -- According to Jim Cramer, Obama's newest attack on banks is a lot of hot air. After talking to Rep. Barney Frank (D., Mass.), the man in charge of banking regulation in the House, Cramer said he is not going to let the president's plan destroy the banking recovery. Even if the plans to ban internal hedge funds and private equity funds at banks were to come to fruition, Frank said he would delay it for a three-to-five-year period.
Cramer mentioned that the fact Frank wasn't aware of the plan until yesterday tells him that it is nothing but a bunch of rhetoric. Cramer thinks investors should take a longer-term view and buy the big banks that are selling off on the news, such as
Goldman Sachs Group
Bank of America
Cramer cautioned market players that these stocks won't turn the corner quickly. He said nimble traders can buy and sell them, but longer-term investors can start to build positions. Cramer understands that investors are cautious, since we haven't seen a big market selloff in awhile.
Recently, Cramer found opportunity in digital media stocks, bank stocks and stocks that are off Obama's radar. Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on
blog posts. (These blog posts might require a
: Cramer sees opportunity in scalping the bank stocks. In a
, he wrote: "Do you scalp? Do you bet that this is just rhetoric by the president? Typically, I would say yes, it is worth scalping. I don't think there will be legislation that can get through Congress that will be able to stop this kind of investment and the Volcker rule will not happen." The
Hudson City Bancorp
: Due to a recent article in
The New York Times
, Cramer has become even more bullish on digital media stocks. On
, he said the world is on the cusp of a new way to live, a world where everyone is always connected, and can consume digital media anywhere they are. The
: With the bank stocks clearly in Washington's crosshairs, Cramer has spotted some names that are off of Obama's radar. On
, he said the headline risk is what's causing the real weakness in the banks right now. The
: Cramer has discovered a number of companies that have great earnings stories. In a
, he wrote: "
has been consistently the best restaurant chain to buy, even better than
Chipotle Mexican Grill
: Cramer has noticed some bearish activity in a number of stocks. In a
, he wrote: "It's getting nasty out there. Lots of stocks are being pummeled to unexpected levels -- at least unexpected for me." The
: Cramer thinks it's time to get out of the Chinese auto part suppliers. On
, he told viewers that the U.S. auto parts makers have more room to improve, and that's why he'd sell the entire Chinese sector. The
Wonder Auto Technology
-- Written by Roberto Pedone in Windermere, Fla.
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(Editor's note: At the time of publication, Cramer owned Goldman, JPMorgan, Bank of America, Cisco and Intel for his Action Alerts PLUS charitable trust.)
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Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.