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Jim Cramer's Stop Trading! Phelps Dodge Is Gold

The trader would buy the copper miner and back off the consumer staples about now.

A healthy market and hedge fund activity make it time to buy

Phelps Dodge

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, Jim Cramer said Thursday on


Stop Trading! segment.

Cramer said hedge fund Atticus, a big investor in Phoenix-based Phelps Dodge, has signaled it wants to find a buyer for the copper miner. He said that with the fund's efforts and with merger mania still swirling about the metals business, Phelps Dodge is "going to par," Wall Street speak for $100, from a recent $92.

Cramer said


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had a pretty good quarter, but he pointed to 8% growth in third-quarter Gatorade sales as evidence for why the run in consumer staples may be peaking. He said he would sell


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and that

Procter & Gamble

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is heading to an options expiration-influenced 60 from 62 now.

The bull market now, Cramer added, is in food plays like


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. Though he hastily added that you wouldn't know the bulls are running from reading the paper.

"This is the first time we've had a warning label on the front of the package," Cramer said, likening the market to a cigarette box. "It's very uncool to talk about a rally."

Cramer said he believes the market is heading through 12,000 on the Dow, regardless of the media negativity. He also said "verisimilitude."

At the time of publication, Cramer had no position in stocks mentioned.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, 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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