Jim Cramer's 'Stop Trading!': Buy Freeport - TheStreet

Jim Cramer's 'Stop Trading!': Buy Freeport

The copper and gold company is well-positioned despite an ugly domestic market, Cramer says.
Author:
Publish date:

Buy Freeport-McMoRan (FCX) - Get Report, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

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

WCI Communities

(WCI)

and

Standard Pacific

(SPF)

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.

Of

Thornburg Mortgage

(TMA)

, Cramer said he's concerned about the stock. "I would be careful," he said.

On the other hand, Cramer said

Dow Chemical

(DOW) - Get Report

is interesting here.

Cramer concluded by saying that he believes

American International Group

(AIG) - Get Report

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

Microsoft

(MSFT) - Get Report

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

Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click

here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click

here to order his book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.