Getting Your Game Plan in Place

Cramer's ready to face the Consumer Price Index this morning, as he analyzes the groups that warranted a second look yesterday.
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Is your game plan ready? If we get a benign Consumer Price Index, you know that we are off to the races. Should it be with tech, though, or with drugs and foods? Or aerospace and oils? Or maybe financials, because they reversed so well yesterday?

Cramer's latest: Tell us what you think on

TSC

Message Boards. For us, the choices are made. We are going to buy a bit of everything. The drugs, so down for so long, now seem to be roaring back, even in yesterday's down tape.

Boeing

(BA) - Get Report

gave us the big high sign last week, and we started running with it. Long cycle, no rush. But we think you have to be there and that soon the component makers will begin to make sense. Heck, why not? They are all at their 52-week lows. Risk has been obliterated.

Yesterday we found a new group to like again: the oil-service stocks. They have had a giant pullback, but

Schlumberger

(SLB) - Get Report

, a company that has made us a lot of money, says the downturn is over. We are not cynical about SLOB; if the company thinks it's over, who are we to say it isn't?

The financials are still dicey, and I don't want in them until the

Fed

is done tightening, but a good CPI puts that tightening off, so a broker might be a good trade. Some of them reported better-than-expected numbers, and with a couple of hot IPOs today, that group could catch fire.

Foods? What's not to like about a group with zero Y2K problems and, in fact, a possible strong quarter ahead via the jokers who hoard stuff off the millennium fears?

Which leaves tech. Ah, tech. Here is the problem.

Xerox

(XRX) - Get Report

,

Unisys

(UIS) - Get Report

and

Lexmark

(LXK)

all warned us of problems. If

IBM

(IBM) - Get Report

doesn't warn us, we are up big.

If IBM does, IBM will get clocked. Will IBM heed the warnings of what happens if you say something negative or cautious, especially if it

may

not be the case?

Bottom line: With all of those other groups worth buying, do we really need hardware?

And if it is a bad CPI? Let's call an audible at 8:40 a.m., OK? See you then.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Boeing. 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.