Editor's note: This column appeared earlier today on RealMoney.com. To subscribe to RealMoney, please click here.
Nothing like some fisticuffs on the site, but I do want to clarify my position vis-à-vis
, because I don't believe we are all that far off from each other -- nor do I want to be, given that he has the hottest hand I have seen in years and has become so much read that people should be subscribing just for his insight.
I believe the collapse in the commodities is incredibly bullish for the rest of the economy. I also believe the collapse is not done, and that the commodity stocks are reflecting most of that collapse and can be bought on a wide scale.
Most important, I reiterate my call that the bottom was put in July 15 on the financials, and we will
take that out, which is, again, incredibly bullish.
With commodities declining, I have been saying happier days are here again, and I have been focused on buying the companies that benefit from the decline:
and the like. Again, I think those are great ways to play things.
So, I believe commodities are coming down, but the stocks are reflecting a lot of that decline -- not all of it, but a lot of it -- and the financials' stabilizing is allowing for new leadership, which often leads to dramatically higher prices.
Vince Farrell and I are really on the same page now when it comes to
contributors, and I believe that while
National Oilwell Varco
are oversold and due for a bounce, they are still under liquidation.
I like them for scarcity value and a belief that there will not be massive drilling cancellations and petro product cancellations, because I do not believe oil will go through $90 and nat gas through $7, where the longer-term thesis is at risk. I want to buy FCX at $75, having bought some already at the bell yesterday.
Love Doug, he's got the hot hand, but I reiterate that my bottom call is an important one to me; I am not backing away from it, and I think he respects that call greatly. It isn't a "best man win" situation. I think it is a "best
: People getting the pump significance and buying the retailers. Good to see.
At the time of publication, Cramer was long Devon, National Oilwell Varco, Freeport-McMoRan and Foster Wheeler.
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