TheStreet.com's Jim Cramer says we should watch them and Apache and Exxon -- these stocks will set the tone.You can always gauge rotations when some company that really misses, as Colgate (NYSE: CL) (Cramer's Take) did with its gross margins the other day, can still take off after a momentary hit. You can also gauge rotations by how many times an Apache (NYSE: APA) (Cramer's Take) or an Exxon (NYSE: XOM) (Cramer's Take) will get hit on the same margins miss.
Make no mistake about it, the Exxon quarter was ugly, and the Apache quarter, after all the hoopla, was barely a beat. But both of those companies are making a ton of money and will one day work their way back -- APA before XOM, because XOM has underinvested in oil and overinvested in its stock.
But Colgate was just out-and-out pantsed by raw costs. They had good revenue growth but simply got more killed by food and oil ingredients than even Tyson (NYSE: TSN) (Cramer's Take), which was ground zero for ethanol madness.
Yet it snapped right back yesterday as if it didn't miss at all.
You should key on these three and, of course, gold, to see if the rotation was a one-day phenomenon or the beginning of something new that will take everything from the financials and the foods higher and the golds, oils, minerals and ags lower. No sense getting your head handed to you during the great rally of 2008.
Those will react quickly off of the unemployment report and set the tone for the next few days. Put them at the top of your screen: they are the keys to this market.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.
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