From TheStreet.com Network
TheStreet.com's Jim Cramer says if the market made sense, you could buy retail and restaurants off the lower oil price.
Here's the pattern: We get shelled by oil. It drops to $76 or $77, all energy goes down, and it takes everything else with it. Some of tech has been spared lately because of 3Com (COMS) (Cramer's Take).
Then, in the following couple of days, oil stabilizes (but not after it hurts the oils again), rallies, and everything goes with it.
That's what's been occurring. I don't know why it's any different. In this moment in time, it's often best to buy the most hammered natural gas stocks because they come back fast. The best value is Devon (DVN) (Cramer's Take), but it simply isn't down enough. Apache (APA) (Cramer's Take) would make sense below $60, which is still a ways from here.
Of the integrated plays, I like BP (BP) (Cramer's Take), but it's not down enough. Drillers: Weatherford (WFT) (Cramer's Take) traded below $18 last time oil got hit, and I'd consider it again here.
Otherwise, this is business as usual for most stocks off oil. It's ludicrous because if the market made sense, you could buy retail and restaurants off the lower oil price, but that's been a failed strategy so far, so I am not going there.
Jim Cramer is co-founder and chairman 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 was long BP and WFT.
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