Cramer said that the copper and gold company stands to benefit from a global infrastructure buildout. Domestically, he said, "I don't mind that the Fed is so called out of bullets." Of today's bearish action, he said, "We're shaking out a lot of bulls. That's not bad. ... If oil were to go up 50 cents a day rather than $5 a day, this wouldn't be happening.
Cramer said that trouble for domestic homebuilders such as
is offset by demand for homes in India. America is "very ethnocentric. ... We are not the swing factor," in basic materials such as coal, copper, cement and steel, he said.
"Let it come in," Cramer advised viewers. He said that "you gotta buy gold" for a trade that will work in the market action we're seeing today.
, Cramer said he's concerned about the stock. "I would be careful," he said.
On the other hand, Cramer said
is interesting here.
Cramer concluded by saying that he believes
American International Group
merits an investigation by the
Securities and Exchange Commission
for statements made in a teach-in at the end of 2007. He expressed skepticism that the company could say it had low exposure to troubled paper, then come back in May with $20 billion in losses.
He also expressed sympathy for
CEO Steve Ballmer, who was recently egged by an angry student while speaking in Budapest. "I like Steve Ballmer," he said.
At the time of publication, Cramer was long Freeport-McMoRan.
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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