Jim Cramer's 'Stop Trading!': Fed Lets Automakers Rot

Also, Cramer still likes Foster Wheeler.
Author:
Publish date:

When the integrated oil companies are doing well, it's hard to make a case for buying refining stocks like

Valero

(VLO) - Get Report

, Jim Cramer said Thursday on

CNBC's

"Stop Trading!" segment.

Still, he said, "I don't want to sell the refiners too much lower than here."

Speaking of

ConocoPhillips

(COP) - Get Report

, which provided fourth-quarter estimates earlier, Cramer noted that the one bad part of its projection was its expectation that refining margins will decline from the third quarter.

Autos are currently the "worst neighborhood in the world," Cramer said. The

Federal Reserve

used to care about preserving the carmakers and the housing industry, but no more, Cramer said. Now, he added, the central bank seems to care only about the jobs report.

Also, Cramer said he still likes

Foster Wheeler

(FWLT)

.

At the time of publication, Cramer was long ConocoPhillips.

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.