NEW YORK (TheStreet) -- TheStreet's Jim Cramer and Stephanie Link, co-portfolio managers of the Action Alerts Plus charitable trust, discussed what a steepening yield curve means and what you should be looking to buy if yields continue to rise.

As the yield in 10-year notes began to rise, it seemed as though everything was selling off in the equity markets -- everything but financials. They said this group actually benefits from a rising yield. Now that the yield rise is pausing, so are financial stocks.

Link suggested this could be a great buying opportunity, especially if investors believe that yields will continue to rise.

While Cramer likes the recent strength the financials have displayed, he knows that yields have to go higher for them to have a significant impact on the banks' earnings power.

While banks appear to be near rock-bottom value, the group still doesn't have any robust earnings growth, he said. Without any earnings momentum, it's hard for the stocks to gain any sort of upward price momentum as well.

"If you believe the yield curve can get steeper, this is the number one group in the market," Cramer concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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