Cramer: Look to Old Leaders for New Buys - TheStreet

Cramer: Look to Old Leaders for New Buys

Jim Cramer recommends looking to old leaders as new buys, with tech, oils and financials appearing set to move higher after weeks of selling.
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This commentary from Jim Cramer originally appeared on his RealMoney blog on Dec. 21.

Oils, tech and financials. They've all been victims of selling for weeks. Oil has actually bounced solidly off of $70, but the stocks are much too low compared to where they were last time oil was here. I think that almost all of them are buys, but I would highlight

BP

(BP) - Get Report

-- it was upgraded the other day by Goldman Sachs and no one paid attention. I still like

Weatherford

(WFT) - Get Report

as a terrific play on increased drilling that has barely moved.

Tech's finally making sense after several quarters of upside, aided by great announcements from

Arrow

(ARW) - Get Report

and

Vishay

(VSH) - Get Report

this morning, as Tim Melvin

points out in the Columnist Conversation. Those two companies are fabulous bellwethers because of the depth and breadth of their products and distribution.

Apple

(AAPL) - Get Report

remains a fave, but

Qualcomm's

(QCOM) - Get Report

finally reflecting that 2010 could be a big year and the semi-equipment trade is rocking -- as it should be when the semis are all so flush. Highlight names are

Intel

(INTC) - Get Report

,

AMD

(AMD) - Get Report

,

Applied Materials

(AMAT) - Get Report

and

Novellus

(NVLS)

.

Banks? What can I say? I think that they reflect the "no downgrade" rule of the last two weeks of the year, where the analysts are acutely worried of hurting funds' performance.

JPMorgan's

(JPM) - Get Report

going to pay a big dividend next year, I think, yet it is still below where it did its TARP secondary downgrade. Lots of upside.

All I can say is, "It's about time." These were out leaders coming out of the bottom and they are finally getting some new buyers.

If you asked me, by the way, which numbers are most likely to be raised appreciably in these groups, I would say:

    Google

    Apple

    Intel

    JPMorgan

    Chevron

    Those are all worth buying right here.

    At the time of publication, Cramer was long BP, JPMorgan, Chevron, Qualcomm, Weatherford and Goldman Sachs.

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