This column was originally published on RealMoney on March 24 at 12:55 p.m. EST. It's being republished as a bonus for TheStreet.com readers.

Lots of mergers and acquisitions activity, except where I most expect it. Natural gas has come down hard, and the stocks themselves have been pummeled. You would expect, right here, right now, a major to come in and snap up a minor. After all, when everything was going higher, you got lots of nice bids. I am wondering if the people who run these major firms are just momentum players, like so many others in the market -- and no more than that.

For example, and I harp on it, but what the heck is

Cimarex

(XEC) - Get Report

doing back at $41? How can

Southwest Energy

(SWN) - Get Report

be 12 points from its higher? Isn't the

Houston Exploration

( THX) company of interest to some suitor at $49, down 22 points from its high? Twenty-two points? That's amazing.

Devon

(DVN) - Get Report

down $10 from its high?

Canadian Nat

(CNQ) - Get Report

down $8 from its high?

EnCana

(ECA) - Get Report

still off $12?

Quicksilver

(KWK)

off $15? That's ridiculous! Isn't that amazing?

Let's also think about the drillers.

Baker Hughes

( LUFK) off $12. How about

Lufkin

( LU), which probably has the strongest momentum. Dare I mention

National Oilwell Varco

(NOV) - Get Report

, down $15, or

Nabors

(NBR) - Get Report

, down $15 and hated?

I bring all of these up because while natural gas is down, anyone who considers it also "out" is kidding himself. I believe it has found a level to bounce from. Meanwhile, oil is stubbornly high, and you know I believe it's going higher, which is why I hold on to my

Occidental

(OXY) - Get Report

and

Halliburton

(HAL) - Get Report

, and why I maintain hefty positions in the infrastructure plays,

ABB

(ABB) - Get Report

and

Foster Wheeler

(FWLT)

, which build the alternatives to oil plants or fix boilers and refineries.

This exercise wouldn't matter

if

the refiners and the majors weren't at or going to near highs and stocks like

Marathon

(MRO) - Get Report

and Occidental just don't want to quit. Not to mention

BP

(BP) - Get Report

, which is almost at its high, for no reason whatsoever compared to other players.

What I am saying is that these stocks should be bought here with the idea of little downside and a potential big payoff if 1. natural has goes up, or 2. the majors use their currency.

Random musings:

Those of you who are in

Lucent

(LU)

should know I would ring the register and move on, like the company is! If you want to read my multiple takes on

Cephalon

( CEPH), I have to refer you to

Action Alerts PLUS for the details, but I think you should know the personal nature of what went wrong here.

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At the time of publication, Cramer was long Occidental Petroleum, Halliburton, ABB, Foster Wheeler and Cephalon.

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