Bank of America, JPMorgan and Wells Fargo became the target of short-sellers when they revealed that they had considerable exposure to the oil page. As a result, financial and oil stock weakness were enough to take down stocks last month.
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And no matter how much some companies benefit from lower oil prices, the idea of a big increase in bad loans from these three banks and the Fed not raising rates because of a prospective oil related credit crunch was too much for the market to overcome.
"That is why today's rally has more staying power, as opposed to the phony intra-day rally we had yesterday based on a false carry over from Europe," Cramer said.
Now that Goldman took those worries off the table and stocks can rally again, Cramer was ready to take action with oils. His charitable trust has being buying Schlumberger and Occidental. He liked Schlumberger because it was already doing well despite the price of oil, and Occidental because the dividend is safer in this environment,
Cramer recommended that investors looking for speculation stick with the oil companies that have said they don't need financing, such as Anadarko or Whiting Petroleum.
"Those are only for real risk-takers," Cramer said.
Ultimately, Goldman lifted a great weight from Cramer's shoulders and sparked a real rally. It was a recipe for higher stock prices, until oil gets so expensive that numbers need to be cut for those companies using too much of it.