Anybody who traded that fateful week going into the Gulf War -- when oil spiked above $30 -- knows the

Dow Jones Averages

don't like oil that high.

Let's give oil its due. It caused more of the selloff than


did. Heck, I thought Greenspan was downright rationally exuberant. Oil is a quandary. You would think that the oil stocks would be rocking and rolling. But they trade like death. They trade totally divorced from the commodity price. Which tells me one of two things: Either the commodity price doesn't mean anything anymore or the oils have as little to do with the fundamentals as the rest of the market does!

Anyway, you can't have a low inflation environment when oil blows through levels that you get when Iraq invades Kuwait. Who gets hurt? The oil consumers. Who doesn't get hurt?


Hmmm, guess what we are buying into the bell.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund had no positions in any stocks mentioned. 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