Jim Cramer Tells Stephanie Link Downtrend in Commodities an Opportunity to Buy

Stephanie Link says that recently, commodities such as oil, gold and iron ore have been taking it on the chin with prices at their lowest levels in five years. Jim Cramer says it's partly the strengthening U.S. dollar and partly rising supply in some markets but the ultimate takeaway should not be where Chevron goes but where the American consumer goes. He says there is so much oil in the world right now that there's going to be downward pressure on everybody's margins including the refiners. As for energy, Stephanie says in the 2nd quarter energy was the best group in the S&P by a large factor. Now it's starting to rollover, it's down about 8 percent from the highs. She adds that there are opportunities and Occidental, Marathon and Anadarko are quality names to keep an eye on for buying. Jim says when something goes down 8 percent, it tends to go down 20 percent. In other words, 8 percent is not being viewed as an opportunity. He adds that if we do get decent job growth, the consumer is the place to bank on. Cramer says this is not a moment of fear but rather an opportunity to buy things for the longer-term.