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
doing back at $41? How can
be 12 points from its higher? Isn't the
( THX) company of interest to some suitor at $49, down 22 points from its high? Twenty-two points? That's amazing.
down $10 from its high?
down $8 from its high?
still off $12?
off $15? That's ridiculous! Isn't that amazing?
Let's also think about the drillers.
( LUFK) off $12. How about
( LU), which probably has the strongest momentum. Dare I mention
National Oilwell Varco
, down $15, or
, 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
, and why I maintain hefty positions in the infrastructure plays,
, 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
and Occidental just don't want to quit. Not to mention
, 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.
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.
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