A Lehman Brothers analyst cut earnings estimates for the third quarter and beyond on a number of banks, including JPMorgan Chase and Fifth Third, but Cramer disagrees with him "wholeheartedly," he told Melissa Lee on Stop trading! Friday.
There are some big short positions in these names, and Cramer said it's understandable that investors would be worried about loan losses, but a look at Federal Reserve involvement in the past should dictate how these banks trade.
"You can't fight the Fed on these stocks," Cramer said. "I would be a buyer of every one of the stocks that were downgraded."
With a storm brewing in the Gulf of Mexico, the Street turns its gaze toward National Oil Varco , "the only real maker of rigs," Cramer said. "Any time you see a cloud formation, people buy this stock," Cramer said jokingly. "Then the clouds dissipate and the stock doesn't sell off."
"It's just a good story. I'm not going to tell anyone to abandon it," he said.
According to Cramer, tech stocks are "so undervalued." Texas Instruments , now at about $36, should at $45, he said.
Jim's charitable trust owns Citigroup.
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