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Sometimes, the market just deserves to go down, Jim Cramer told his Mad Money viewers Tuesday, and that's exactly what happened today as stocks sank in a virtual vacuum devoid of good news.
Cramer identified seven reasons why stocks headed lower today, not the least of which was the election. The stock market hates uncertainty, so as the polls tighten and the prospect of contested results lingers, expect investors to continue selling.
Cramer said the second reason for the market malaise was oil prices, which are again drifting lower. Third was Apple (AAPL) , the Action Alerts PLUS holding with a seemingly endless supply of negative pundits.
Investors looking for even more reasons to sell found solace in the struggling retail sector, with L Brands (LB) just the latest retailer to plunge 7.8% on its earnings. Then there were Bernie Sanders' renewed attacks on drug prices squeezing big pharma for yet another day.
Cramer's sixth reason why stocks were falling was the trucking sector, which saw Cummins (CMI) report weaker-than-expected numbers. And finally, he noted that growth stocks, like Home Depot (HD) and Starbucks (SBUX) , continue to see no lift, even on down days like today.
Opportunities in the Oil Patch
There are still opportunities in the oil patch, Cramer told viewers, even with sinking crude prices. While many oil companies are growing through acquisition, there's still one that's making money the old-fashion way -- by finding more oil on land it already has.
Cramer said Apache's (APA) Alpine High discovery, announced Sept. 7, is a huge win for this engineering and production company that lost its way a few years ago but is now focused on all the right things.
While many considered the Alpine High too difficult to drill, Apache proved the opposite to be true. As it turns out, the area has a low concentration of clay, not a high concentration as many had predicted. Apache began quietly acquiring 307,000 contiguous acres at distressed prices, averaging just $1,300 an acre.
Cramer said the Alpine High discovery is not yet priced into Apache's shares, and he'd be a buyer after the company reports earnings this Thursday.