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May.21
3:36 PM ET
Wednesday, 21 May 2008
Buy Freeport-McMoRan
 |
Don't blame Ben Bernanke for this tough day in the markets.
"It's not the Fed anymore," Cramer said of Wednesday's 187-point loss in the Dow. "We just need to have oil cool off for a couple days and we would be up."
"If oil were to go up 50 cents a day rather than $5 a day," he continued, "this wouldn't be happening."
But the global outlook is brighter. Investors might worry less about owning a copper stock if they recognized that a booming housing industry in India more than balances out any lack of demand from a struggling California homebuilder.
"We are not the swing factor" anymore, Cramer said of America's once-prominent position in the world economy. "We cannot take into account only the U.S."
Freeport-McMoRan [FCX Loading... ()
], owned by Cramer's charitable trust, is still the play on copper, he said, with the demand from China seemingly insatiable.Investors definitely want to steer clear of Thornburg Mortgage [TMA Loading... ()
], Cramer said: "Stocks don't get under a dollar because you want them there. I would be careful."Dow Chemical [DOW Loading... ()
] got the nod for its willingness to move much of its business overseas until Washington does its part to make the U.S. a more business-friendly environment.On days like today, though, gold might be the best play, Cramer said, predicting the precious metal "will work up to $1,000."
But with the usual cast of characters -- Washington Mutual [WM Loading... ()
], Citigroup [C
Loading...
()
] -- in the center of this downturn, Cramer said, investors just "have to let [the market] come in for a couple days."Jim's charitable trust owns Freeport-McMoRan.
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