To round out a week of self-flagellation, where Cramer has been taking the blame for his worst missed calls in the hopes that you don’t make his same mistakes, he confessed perhaps his most egregious blown call yet: Continental Resources

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You’ve never heard about this company from Cramer, and that’s precisely the problem. Continental is an oil and gas company that is actively drilling all over the country. When Cramer found the stock, it was trading just above $26, which at the time was near its 52-week high. But he didn’t pull the trigger in hopes of getting it a lower price.

Meanwhile, Continental kept chugging higher, exploding up to its current price above $54. That’s a double that you could have captured if Cramer had recommended it when he first found it.

Continental’s most recent quarter beat expectations and the company gave a monster outlook. It’s growing production and reserves and spending money on drilling in key areas, exactly what you want in an oil and gas play, Cramer said.

When it came down to it, Cramer didn’t follow one of his own fundamental rules. When you believe in a basic theory about a stock, the price should become inconsequential, he said. The wise move on Continental would have been to put even a tiny position on and buy more if it came down. But Cramer was too cautious, sitting on the sidelines even though the stock’s story was nothing but bullish.

While Cramer hates to recommend a stock at its high, he’s convinced that as long as oil and gas stay strong, Continental should continue higher. He’d put on a small position and wait for a pullback to buy more.

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