Cramer quick hits:

Market reassured after fed minutes

Traders now believe the Fed isn’t cheering for a recession

Doesn’t pay to get real negative when everyone else has that base covered

May be that the only stocks you want here are the Banks, Proctors (PG), Altrias (MO) – this is because the economy is getting weaker not stronger according to the Fed

Could be in for a couple of good days run in the market

Maybe Greenspan isn’t going to take us apart as fast as we thought he was going to

Q: Where are we – pinpointed – on your chart on page 115 of your Jim Cramer’s Real Money Book? We are at the crest of the economy where the Fed is forcing a slowdown – at the crest you gotta swap out of the Caterpillar (CAT) and John Deere (DE) and ring the registers in the Black and Decker (BDK) and load the boat up in the financials.

Unholy SEE – Starbucks (SBUX), Ebay (EBAY), Electronic Arts (ERTS)
SBUX - Don’t care about SBUX growth overseas – lesson in McDonalds (MCD) is a takeaway here, multiple stopped growing and stock faltered. Thinks SBUX could be a 15% grower, with a 30 multiple - $37 stock on next yrs earnings
ERTS – Time and place issue – wait another quarter
EBAY – Got to 31 today, said at 50 that he’d warm up at 30. Sources say EBAY is doing just as well this qtr as last qtr. BULL on EBAY at 31, 32 – he’d be buying hand over fist right here.

AIG – BULL - lots of nitpicking, 1.7 billion write down isn’t any different than what other co’s have. Worst is over. GO BIG, SHOULD BE BIG in AIG.

Disclaimer: This is my interpretation of Cramer’s comments, the show goes by quickly so I try and catch as many key words as possible for each pick. Accuracy is NOT guaranteed but is however strived for.

The stocks:

FRK - FLORIDA ROCK IND - Aggregates - good, Vulcan materials better
PPDI - PHARM PROD DEV - Interesting business, high risk - don't buy the stock
MVL - MARVEL ENTERPRISE - Cheap here, need to see Xmen movie sooner than later - buy under 20
C - CITIGROUP INC - BULL - go to the party with it
CYD - CHINA YUCHAI INTL - enough problems with american truckers get PCR before getting CYD
EXC - EXELON CORPORATIO - BULL - believe in it, its good
AAPL - APPLE COMPUTER - Think we get an upside surprise tomorrow night - stick with it
NXTL - NEXTEL COM A - Not arbitrageurs, ring the register
MWY - MIDWAY GAMES INC - Let Sumner Redstone own it all
UPL - ULTRA PETROLEUM C - BULL - time to get in right now, day 5 of downtrun now
DBD - DIEBOLD INC - Like voting machine business - pull the trigger, think its cheap
VLO - VALERO ENERGY CP - BULL - got the pullback , go to work now - BUY
CK - CROMPTON CP - BULL - combination to die for
LRW - LABOR READY INC - bear - Hot sector that should cool with fed raising rates
ZRAN - ZORAN CP - BEAR BEAR BEAR BEAR - hate them
DAL - DELTA AIR LINES I - BEAR - Could still go substantially lower, stay away
XOM - EXXON MOBIL CP - Least favorite oil but below 60 would still pull the trigger
NEM - NEWMONT MIN CP (H - Only gold stock he'll ever recommend on the show
CVX - CHEVRONTEXACO CP - BULL - That stock is for him, winner - don't mind Unocal buy at all
HCBK - HUDSON CITY BNCP - Okay, Prefer PNC bank
CMI - CUMMINS INC - Sell, kind of strong cyclical stock that he is worried about here
NABI - NABI BIOPHARMACEU - Dicey situations - tough sector though, for every DNA there are 20 co's that will lose you a fortune
DF - DEAN FOODS CO - BULL - exactly the kind of slow down stock he likes here
ADP - AUTOMATIC DATA PR - BULL - rare bird, makes money as fed raises rates on float on paychecks
TIVO - TIVO INC - own it to 7 says research today - he buys it
PGH - PENGROWTH EGY UTS - Good stock for a senior citizen, pays a good dividend
SHLD - SEARS HLDGS CORP - Buy one share - BULL - bet on Eddie Lampert, like him
TXU - TXU CORP - Take profits get in to DUK energy
FRT - FEDERAL RLTY INV - BULL - one of few reits he'll recom. Unqualifyingly
AH - ARMOR HLDGS INC - Airbrake - don't want to touch it
GOOG - GOOGLE - People want YHOO over GOOG
STEM - STEMCELLS INC - DIVE DIVE DIVE - need ya out of that stock
AKAM - AKAMAI TECH INC - One of few .com survivors he's still willing to buy, wish it'd pull back under 10
CCJ - CAMECO CP - Nuclear power - another positive stock
SOSA - STOLT OFFSHORE SA - oil tankers, we like it
WYNN - WYNN RESORTS LTD - Think steve wynn is a genius, swap out of Wynn and get into BYD anyway
XEC - CIMAREX ENERGY CO - Late stage oil play that Cramer likes - thinks its what the BP's and RD's will be after soon
CHK - CHESAPEAKE ENERGY - Buy it at 20 - Natural Gas play which he likes - insiders paid even higher than 20
mortgage calculator