Let's Just Trade Crude

Stocks and bonds are hostage to oil today. For now, the trader is staying clear of the financials.
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Why don't we just trade oil? I mean, that is all anybody is watching in bonds, and the stock market is only doing what the bonds tell us to do.

I continue to believe that oil is ahead of itself. But the area that it is impacting the most, the financials, have to be avoided. We are trying to buy stocks that will override the negative bond backdrop -- tech -- while selling almost every financial we have. I used the dislocation in

Chase

(CMB)

to buy a little more Chase (I had a small position coming into today ) but I have NO enthusiasm for it.

At some point the cheaters in

OPEC

will resurface, Venezuela will turn on the spigot and crude will tumble. I am not shorting the drillers or the oils. But I don't own any either. They are up too much for me.

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