Counting on the Countertrend - TheStreet

We like to hit them where they ain't in this tape. That means today we are buying some Amerada Hess (AHC) - Get Report today. We don't care that there are nothing but sellers; we have to get started when it is easy and when we can, and this is that moment. I figure if Amerada Hess comes down another five points we will get huge.

We love to do stuff like this. Honestly, we debated buying

Unocal

(UCL)

,

Conoco

(COC.A)

or Amerada Hess and chose the latter because we think it is the most undervalued.

We don't know when the oil tape will get better. We do know that the next thing we are going to hear from the oils is great numbers. So we start here and we work lower.

Countertrend buying is working here and we are playing it to the hilt.

Random musings:

Herb's right. Wick was hysterically funny at the Bear Stearns conference with his riff on

E-Stamp

(ESTM)

. The panel had some real laughs, until Wick and I went at it about politics. No common ground there!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Amerada Hess. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.