Cramer: 2 Bold Calls You Can't Ignore - TheStreet

Cramer: 2 Bold Calls You Can't Ignore

Ron Insana and Doug Kass are being contrarian, and their track records say you better listen.
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Pondering, pondering two big calls. Will ponder all weekend. First is Ron Insana's call, amplified on "Mad Money," that the world isn't coming to an end so you have to, after this decline, go all in with banks, insurers and housing stocks.

The way Ron runs Market Movers is that you have to invest $200,000, and he's no mutual fund. He has to sell something in order to buy, and he wants so much exposure to the banks and homebuilders, which he thinks will have a multi-year turn, that he doesn't want to waste his time with the

Bristol-Myers

(BMY) - Get Report

and the

Microsofts

(MSFT) - Get Report

. (Click

here

to see what he's doing.)

Like in the old

X-Files

, I want to believe. You decide -- it's too hard a call for me, but I find it challenging and refreshing and, yes, given that I have followed Ron's work for more than 20 years, conceivably spot-on, as Ron is not known to move into anything lightly. This is a big call.

The other

variant call

came from Doug Kass, who mentioned repeatedly to me and shared with the site the

Nasdaq

call and the notion that the negativity in the short trade is as crowded as he can recall. Given that

Novellus

(NVLS)

starts off the earnings season with what I think it is a big bang, he seems right to me.

Add in the mix that I think health care is done going down -- look at

Inverness Medical Innovations

(IMA)

today, my new fave for

Action Alerts PLUS

because it is diagnostics -- and we could have something explosive: a bank, tech and health care rally that, candidly, I thought would start this week but was just dead wrong on.

In every single case when someone I respect makes a move that's at variance with the consensus -- Ron to the homebuilders and banks, Dougie to the techs -- I have to rethink. I know people sure weren't rethinking today.

I bet they start rethinking Monday. These guys have been too right at the big calls (check

Confessions of a Street Addict

for Ron's 1998 call, and you know Doug's

generational bottom call

brought to you here on

Real Money

) to think that they both could be wrong now.

Random musings:

of Ron's banks, most of which I own, I like

Huntington Bancshares

(HBAN) - Get Report

for spec. I cannot go with

Hovnanian

(HOV) - Get Report

, but that's an interesting dollar-store trade! ... Great section on

Indymac

over at our flagship site. That guy who ran it, Perry, raked me over the coals on one of his calls before the crash when I said people would walk away from homes. He basically said I didn't know what I was talking about. Get in line!

At the time of publication, Cramer was long BMY.

At the time of publication, Cramer was long BMY.

Jim Cramer is co-founder and chairman 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

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