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With less than an hour to go in trading, the market couldn’t seem to decide which candidate, Barack Obama or John McCain, would win Tuesday’s presidential election. The sectors associated with either party, whether oil, alternative energy or agriculture, all were up, except for biotech, which Cramer thinks does well with a Democratic White House.
“I point out that,” though, Cramer said during Tuesday's Stop Trading!, “not everybody can be right tomorrow.”
“If the Democrats take control of everything,” he continued, referring to that party increasing its majority in both the Senate and Congress, oil is “a natural place to take profits.”
Cramer recommended selling the OIH, an oil-services exchange-traded fund, as well as Exxon Mobil [XOM
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]: “It’s had too big a move.”
“Even if I thought McCain was going to win,” Cramer said, “at this point I’d probably take some profits.”
Cramer applauded Mastercard [MA
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] for its strong quarter, and said the stock is a buy again. Visa [V
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] had been his preferred credit-card play, but given MA’s performance, “I want to come back to it in a major way,” he said.
Mastercard could jump to $180 from its present level of about $164 “within the next 48 hours,” Cramer predicted. This stock “goes higher.”
Cramer emphasized that his backing of Mastercard was not in any way a bullish call on retail. This company’s an investment on the trend of consumers changing from paper to plastic and the rebound from the hedge-fund selling that drove down the stock.
Lastly, Cramer pointed out that a late-day drop in the market on Election Day can usually be attributed to exit polling. As those brief snapshots give Wall Street a possible look at the results, traders act accordingly.
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