RE: << one simple thought; watch SLB>> appears CRAMER was !
thestreet.com
... good stuff at the TSC; love Cramer, or not - great insight into the Streets sentiment. If you're not a subscriber - you should be... ie:
<<Getting Your Game Plan in Place
By James J. Cramer
10/19/99 7:09 AM ET
Is your game plan ready? If we get a benign Consumer Price Index, you know that we are off to the races. Should it be with tech, though, or with drugs and foods? Or aerospace and oils? Or maybe financials, because they reversed so well yesterday?
For us, the choices are made. We are going to buy a bit of everything. The drugs, so down for so long, now seem to be roaring back, even in yesterday's down tape. Boeing (BA:NYSE) gave us the big high sign last week, and we started running with it. Long cycle, no rush. But we think you have to be there and that soon the component makers will begin to make sense. Heck, why not? They are all at their 52-week lows. Risk has been obliterated.
Yesterday we found a new group to like again: the oil-service stocks. They have had a giant pullback, but Schlumberger (SLB:NYSE), a company that has made us a lot of money, says the downturn is over. We are not cynical about SLOB; if the company thinks it's over, who are we to say it isn't? >>
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I said earlier to watch SLB; which with HAL's blow off - now stands completely alone as the Oilpatch Bellwether stock.
There was NOT going to be an OSX meltdown without SLB. As SLB was getting bought steadilly the last 2 days into a general sector retrace; there was a sense to a bottom being very, very close; if not - allready here.
Major institutions were signaling; we think the Oilpatch has not just bottomed fundamentally (per SLB's comments) but is turning quickly to the positive. They were willing to own SLB at these levels even with the CPI reaction being an unknown.
That told me - that even in DOW 9500; they wanted SLB here & now... as such; no hesitation here in buying the fav's...
I know Cramer has flip flopped on the Oilpatch - but isn't trading really "flip flopping" in essence (VBG) ?
Looks like anyone who hesitated yesterday, or at today's open - post the CPI release; as going to have to be buying a little higher right now and potentially a lot higher real soon perhaps (VBG)...
Cramer; ya gotta love the guy... I do. But; the Oilpatch is not one of his forte's. When Cramer goes Bullish on the Oilpatch - imho; it is because he has gotten overwhelming input from the real "Ax's" in the 'Patch... This "overwhelming" positive indicator of Cramer going long - is a great inside the street sentiment indicator imho...
good luck
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