Mad Mail

Dear Jim: You've been touting drillers like Transocean and Global SanteFe, but what's up with Grey Wolf? You told us to buy several times since August 2005, and it has gone nowhere. Will it ever drill us some profits? --Jerry

Cramer says: Grey Wolf is a land driller, and he's only bullish on the offshore drillers. "Transocean's biggest growth market is India." He repeated his call that natural gas drillers would not do well, and that's Grey Wolf.

Dear Jim: Yesterday morning, CNBC reported that margin debt is higher than in March of 2000. When I put that together with what may be a failed new high in this latest rally and slowing growth, I am really concerned about a much bigger correction (over 10%). Should we ride this out or get socked with short-term capital gains taxes and get out? I have never seen "defensive" stocks work. They may go down last, but they also seem to recover the least. --Alan

Cramer says: He always likes to wait until after earnings season to invest, but he doesn't see the same negatives that Alan does. If there's a correction, he says it'll be muted – maybe 2% to 3% – but there's no cause for panic.

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