The first thing that Cramer noted was his buddy and cohort Doug Kass of TheStreet.com, a perma-bear, said he thinks we'll close up on the markets today. That's his call according to Cramer. ExxonMobil Corporation (NYSE: XOM) is one he'd buy at $83.00 or $84.00, but the oil names are in the tube right now with even Chevron Corporation (NYSE: CVX) posting solid earnings and seeing its shares sell off on the news.
We'll have to see if Jimbo's level on Exxon Mobil is a good one or not, and we'll know in an hour if the DJIA can make up another 70 point deficit or not. Shares of Exxon Mobil are still only down about $6.50 from new all-time highs, so even that huge sell-off is hard to just jump all over. Cramer may be right there, but of course you also run the risk that it doesn't go there for a long time. Ultimately, oil stocks should follow their underlying commodity prices and oil was up more than $2.00 per barrel today to close over $77.00. But we all know you can be right and still lose your shirt.
In one of Cramer's earlier video sessions on TheStreet.com today, he also reviewed housing stocks with a pairs trade, and he briefly addressed some tech buybacks and his "New Four Horsemen of Tech" with a statement that 15 of the last 16 years would have given you rewards to buy tech at this time of the year and selling into the end of the year.
Jon Ogg is a partner at 24/7 Wall St.; he does not own securities in the companies he covers.
Cramer ... holding out on Exxon; but a positive market close?
Posted Jul 27th 2007 5:02PM by Jon Ogg
Filed under: Analyst Reports, Exxon Mobil (XOM), Chevron Corp (CVX)
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Reader Comments (Page 1 of 1)
7-27-2007 @ 8:02PM
Michael Schneider said...
Jim Cramer's friend at the Street.com missed the call but so did history as it is historically the case that the market will end higher after a big down day. Instead we had another big down day- attributed partly to the fact that it's Friday and traders don't want to hold stocks over the weekend. When Jim Cramer appeared with his call on CNBC the market picked up but selling came in during the final minutes. There is a lot of margin debt out- record levels. And as Sam Zell said, the market does not like uncertainty.
Just posted comments by billionaire investor Sam Zell on housing, the market move and the US economy as well as comments by veteran international investor Barton Biggs on the stock market tumble and investment are available free at http://www.Barrelomoney.com.
7-28-2007 @ 8:22AM
michael said...
Like me, Jim Cramer is right only half the time.