Jim Cramer wrote about industrial stocks in his daily column over on Real Money.
"Whoever thought there would be a shortage of industrial stocks to buy in an era where the country's steeped in patriotism to buy American? It's hard to believe but the landscape is bereft of manufacturers and the ones we have are either outrageously expensive, like Caterpillar, or fighting for their lives like U.S. Steel," Cramer wrote in his column.
"Take the most classical industrial in the Dow Jones Averages, the aforementioned Caterpillar. Here's a company with a CEO, Jim Umpleby, who is determined to get his stock higher and has succeeded spectacularly, giving you a 14% gain in the midst of one of the worst recessions in history. Some of that gain comes from a decision to buy back stock aggressively - more than 10% of the float. But a lot is just plain old multiple expansion from, in my opinion, the equity manufacturing shortage. That's how you get a 32 P/E on this premier industrial, trading at $168, that is more levered to a faltering oil price than to the ascending China," he continued.
So, when there's all this appetite for tech, where do industrials come in?