Publish date:

Cramer: We're Not So Different, Doug and I...

I see plenty to like on this commodity decline, just like my usually bearish friend and colleague.
Author:

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

my friend and colleague Doug Kass

, 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

not

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:

Kimberly

(KMB) - Get Kimberly-Clark Corporation (KMB) Report

,

UPS

(UPS) - Get United Parcel Service, Inc. Class B Report

,

Disney

(DIS) - Get Walt Disney Company Report

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

RealMoney

contributors, and I believe that while

Devon

(DVN) - Get Devon Energy Corporation Report

,

National Oilwell Varco

TheStreet Recommends

(NOV) - Get National Oilwell Varco, Inc. (NOV) Report

,

Freeport

(FCX) - Get Freeport-McMoRan, Inc. (FCX) Report

and

Foster Wheeler

undefined

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

men

win" situation!

Random musings

: 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.

Get your daily dose of Jim Cramer and all the stocks in his head. Sign up for the free Daily Booyah! newsletter by clicking here

.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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

Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer),"

click here. Click

here to order "Mad Money: Watch TV, Get Rich," click

here to order "Real Money: Sane Investing in an Insane World," click

here to get "You Got Screwed!" and click

here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by

clicking here.

TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.