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


(XEC) - Get Cimarex Energy Co. Report

doing back at $41? How can

Southwest Energy

(SWN) - Get Southwestern Energy Company 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.


(DVN) - Get Devon Energy Corporation Report

down $10 from its high?

Canadian Nat

(CNQ) - Get Canadian Natural Resources Limited Report

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down $8 from its high?


(ECA) - Get Encana Corporation Report

still off $12?



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

Let's also think about the drillers.

Baker Hughes

( LUFK) off $12. How about


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

National Oilwell Varco

(NOV) - Get NOV Inc. Report

, down $15, or


(NBR) - Get Nabors Industries Ltd. 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


(OXY) - Get Occidental Petroleum Corporation Report



(HAL) - Get Halliburton Company Report

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


(ABB) - Get ABB Ltd. Report


Foster Wheeler


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

This exercise wouldn't matter


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


(MRO) - Get Marathon Oil Corporation Report

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


(BP) - Get BP Plc 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



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


( 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.

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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