Show Starter: Major thing that happened today is that we didn’t crash. When we (as in Wall Street) make the top corner of the New York Times you should be buying because things are so wrong that even the New York Times knows them. Crisis over.

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.

If MMM weren’t part of the Dow we’d have been up 20 points

Issue with oils – What are they going to do with all their cash? Avg oil stock is trading as if oil is going to 41-42. Think you’ve got to buy oils ahead of their quarters – own the oils. BULL – BUYER OF THE OILS

Adamant about the drugs – swap out of the cyclicals get into the drugs first then the banks BMY, SGP, PFE

Understanding selling: When everyone is out of position its difficult to do anything but sell off
Big equity desks aren’t in the mood to help funds – stocks get dislocated now because the selling isn’t as ordered – not enough money in the game for them to help out
Widen stops and don’t be arrogant about buys

Steel stocks are owned by momentum guys so the moment it stops it’s DIVE DIVE DIVE

Wall St. will pay anything for growth

Video game industry is in its infancy – those stocks are going higher

UNH – 22 straight quarters of above 30% EPS growth with zero one time charges – you should BUY the stock - BULL

Like larger caps more than smaller caps in health care

Likes companies 2 billion and less in general

Road Rule #14 – Expect, Don’t Fear Corrections
Last few corrections were preceded by terrific days

PFE - PFIZER INC - Think they'll have a good qtr - PICK OF THE WEEK - Wish he owned it
SGP - SCHERING PLOUGH C - All the cholesterol upside with no arthritic downside - Wish he owned it
LU - LUCENT TECH INC - Liked it for a full point down - report tomorrow, think it bounces
UNH - UNITEDHEALTH GROU - Down 5 straight points - premier growth company - key to the tape he thinks
BMY - BRISTOL MYERS SQI - Wish he owned it
TGT - TARGET CP - Think retail is weak here - Target says things aren't as good as expected and he listens
NVLS - NOVELLUS SYSTEMS - why are they worried about gas prices
TXN - TEXAS INSTRUMENTS - Ring the register tomorrow if you own it
GME - GAMESTOP CORP - BULL - Going higher - Went up on its acquisition - safe way to pay secular trend (long term growth) of video game industry
REV - REVLON INC - like here - need an equity offering - turnaround because selling better at WMT and TGT
PPH - ML PHARMA HOLDR12 - Pharma Holders - Good way to play it - PFE, SGP, JNJ, BMY are favorites though in order
HSY - HERSHEY FOODS CP - BUY - slow down stock that he likes very much
AFFX - AFFYMETRIX INC - Too risky for me
CYN - CITY NATL CP - BULL - exactly where you want to be at this point in cycle
CLF - CLEVELAND CLIFFS - Sell that stock, forming a right shoulder - ring the register
SPLS - STAPLES INC - Don't like retail but would buy anyway, can't believe under 20
BFT - BALLY TOTAL FITNE - Boring, see ya later
KMG - KERR MCGEE (HLDG - Tender to the offering and get rid of the rest of the stock
BAX - BAXTER INTL INC - Good opportunity - BULL - own it in the cycle but not a great co.
CSCO - CISCO SYS INC - BEAR - no.
NAV - NAVISTAR INTL CP - Truck cycle is over - a year before you can own the stock again
NT - NORTEL NTWKS CP H - Sell it tomorrow after LU reports
PTF - PETROFUND ENERGY - Coming in, like the energy trust PPT is the favorite in the group
ERTS - ELECTRONIC ARTS - ring the register - own GME / ELBO combo if you need to own gaming. Six months for ERTS to come back
MHS - MEDCOHEALTH SOLUT - not a favorite but a winner - right in cycle
WLP - WELLPOINT INC. - Bears in this are wrong - BUY HMO's HERE
FORD - FORWARD INDS INC - like it - selling is probably overreaction
TZOO - TRAVELZOO INC - BEAR - pig, pig
SVC - STEWART - NO - too much economic exposure here
FHN - FIRST HORIZON NTL - BULL - bank could be taken over - buy 1/2 now and 1/2 after they report
SNDK - SANDISK CP - BEARISH - Not a buyer here - commodity company, pricing pressure is awful
SLE - SARA LEE CP - Quarter nothing to write home about works in cycle though - BULL
ACI - ARCH COAL INC - BEAR don't like coal
FINL - FINISH LINE CL A - BULL - retail under pressure here thouh
AMGN - AMGEN - BUY - it is right here, two thumbs up
ADBE - ADOBE SYSTEMS INC - HOLD - let's see how much more it goes down first
HL - HECLA MINING CO - no no no - don't own gold when fed is tightening - NEM is best if you have to
HON - HONEYWELL INTL IN - BEAR - sell it despite ceo being neighbor
MOT - MOTOROLA INC - Sell into TXN numbers strength
VIAB - VIACOM INC CL B - Stick buy it - think it’s a buy
C - CITIGROUP INC - 15 billion buyback - like it here
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