274,000 Jobs created. Wall Street Expected 175,000. Good News is Bad News. Strong jobs number this morning changes view of economy. BEAR – you’ve got to ring the register when this happens and that’s what happened today.

I don’t want good news as a stockholder. If oil hasn’t sold off today I think we would have seen the market down a lot. Financials today were terrible.

If you are in regional bank stocks – as the Fed raises rates they have done quite well historically. CBH should do pretty well here. Credit card companies are awful until the Fed is done.

Cramer on the rumors that UTX might buy HON:
Don’t buy stocks for takeovers if fundamentals aren’t good. Would have bought the HON when the calls started being purchased but would have flipped it at the end of the day.

“Short Watch”: Some stocks move up because of short sellers not buyers. Sometimes when a stock is up it’s because the short sellers panic.

Ring the register in the cyclicals these are too darn hard for me. If they are too hard for me, how bad they must be for you.

Short Interest in stocks: Short interest numbers are lies – I don’t use those numbers at all because all the big money hides all of its trades in options.

Harrah’s Entertainment CEO Gary Loveman joins Cramer on the show:

Loveman: Harrah’s try’s to collect data on their guests and then provide something in return that shows the customer that they care.

Cramer: Harrah’s merging with Caesar’s which is a non-data collecting company.

Loveman: Most of the tribes that have land that is very appealing for casino development have already developed that land. Those that exist now are most likely better than what is to come.

Cramer: Watch this stock. Loveman is really smart. I can’t tell you how much of a premium I put on stocks where I have a CEO like Loveman. This is a guy who I kind of hang on his every word. When the deal closes I’m going to be moving into HET. BULL

CHK – Chesapeake Energy - CEO Aubrey McClendon joins Cramer:

McClendon: We’ve been consistent buyers of our stock and we like the value we see here. We trade today at right about 10x earnings for a company that grew last year at about 20% organically.

Cramer: He is right. CHK is one of the cheapest in the group. I think he’s better than the Kentucky Derby winner.

Am I Diversified?

WTR, KO, NXTL, PNC, Marathon Oil – Blessing this portfolio – you are diversified

CMGI, MOT, AMCC, TIBX, YHOO – NO. MOT and AMCC trade together, YHOO TIBX and CMGI trade together. Keep YHOO thrown the other back. Buy a bank, a defense contractor, an oil stock and maybe a diversified conglomerate.

CBH - Commerce Bancorp, Inc. - Should do pretty well here as it’s a regional bank. Commerce Bank doesn't rate its passbook rates as fast as the Fed raises its rates and it able to make that little difference - that's how they are making money.
EMN - Eastman Chemical Company - Stress of owning the stock with the shorts in control of it was too much for me

Disclaimer: I AM NOT JIM CRAMER. I sometimes write the summary in first person because my brain doesn't quite move fast enough to process and type at the same time, so please excuse that. This blog has no affiliation with Jim Cramer, CNBC, or Mad Money. This is done for me and you to be able to better follow and track 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.

Lightning Round:

JDSU - JDS Uniphase Corporation - You sell that stock and then you sell it again BEAR
WAG - Walgreen Company - BULL
CVS - CVS Corporation - BULL
RAD - Rite Aid Corporation - Bear - Worst of breed - stay away
XTO - XTO Energy Inc. - BULL - Like it very much, one of my favorite energy stocks
FISV - Fiserv, Inc. - Like this very much - BULL
FDC - First Data Corporation - Sell it
PGR - The Progressive Corp. - BULL - One of the best in show - really one of the best run companies out there
SRZ - Sunrise Senior Living, Inc. - If it weren't for the feds - ring the register - really well run though
REGN - Regeneron Pharmaceuticals - Had the CEO on and the stock jumped $1.5 - ring the register - that's too much
FDG - Fording Canadian Coal Trust (USA) - BULL - trust, Canada, coal - like all three.
WM - Washington Mutual Inc. - Like the yield, don't like the service - swap into CBH
CAB - Cabela's Incorporated - The original house of pain - BULL - Cramer owns it
SYMC - Symantec Corporation - Like the merger - BEAR - mcafee put out good numbers yesterday
MFE - McAfee, Inc. - Like it over SYMC - BULL
DRS - DRS Technologies, Inc. - One of my favorite defense stocks
LLL - L-3 Communications Hldgs. - Also like this
ATK - Alliant Techsystems Inc. - Also like this
JNJ - Johnson & Johnson - Love JNJ - BULL
PEP - PepsiCo, Inc. - Sizzling - BULL - after the close they reaffirmed buyback and number - the stock that keeps on giving
WMT - Wal-Mart Stores, Inc. - ring the register - swap out and get into SHLD
SHLD - Sears Holdings Corporation - Get into this instead of WMT
SEBL - Siebel Systems, Inc. - I have no idea why that stock is at 9. Sell it and sell igt again - DIVE DIVE
COH - Coach, Inc. - That stock is for me, love the high end here - COH is very good - BULL
OSTK - Overstock.com, Inc. - BEAR - Do not like this stock
LYG - Lloyds TSB Group plc (ADR) - BEAR
MET - MetLife, Inc. - go with this instead of Lloyds
EYET - Eyetech Pharmaceuticals, Inc. - Ring the register and get into PFE
PCU - Southern Peru Copper Corp (USA) - Why go to Peru to get copper when I can buy PD - BEAR - will go for qunidad? In Chile because I like Chile more than Peru
PAA - Plains All American Pipeline - BULL - nice yield, good pipeline company
FE - FirstEnergy Corp. - BEAR - Swap out and get into DUK which is best of breed
RFMD - RF Micro Devices, Inc. - TRAIN WRECK
UST - UST Inc. - Bear - Swap into Altria (MO)
ACXM - Acxiom Corporation - Bear - too dangerous for this guy
LSI - LSI Logic Corporation - This company isn't doing that well - INTC is and its difficult to own. Swap into INTC
WLK - Westlake Chemical Corporation - You don't need this - it’s like a turbo charged Eastman. BEAR
CBG - CB Richard Ellis Group, Inc. - BULL - Commercial real estate is for me my friend. If you like this you'd love VNO
VNO - Vornado Realty Trust - You'll love it for commercial real estate
BPT - BP Prudhoe Bay Royalty Trust - Better than PVX as a trust
FMT - Fremont General Corporation - Commercial real estate loans - if you like this you'll love VNO
HET - Harrah's Entertainment, Inc. - BULL - See comments above with CEO.
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