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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.

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Cramer on BloggingStocks: Colgate is the key to a group rotation originally appeared on BloggingStocks on Fri, 02 May 2008 09:15:00 EST. Please see our terms for use of feeds.

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