Oil climbed more than $1 on Monday, even despite OPEC’s announcement that it would not cut crude output targets.
The common wisdom on Wall Street would assume a steep drop in the price per barrel on such news, especially in the present market environment, but that hasn’t been the case. While oil trended lower early in the day, it later snapped back into positive territory. Cramer saw this as a bullish move.
“This is a sign of global growth,” he said, “not weakness.”
Cramer also returned to his previous call on JPMorgan Chase , pointing to the stock’s move into the mid-$20s. He had said that once JPM passed $22.92, the price at which CEO Jamie Dimon last bought shares, he’d feel more confident about JPM and the market overall. On Monday, JPM was trading near the $24 level.
Cramer told viewers to keep EMC and VMware on their radar screens. He thinks VMware, which is majority owned by EMC, is a likely acquisition target for Cisco Systems or Hewlett-Packard.
“Eventually this has to be a sought-after property by one of these two,” Cramer said.
Goldman Sachs seems to be back on its feet. If so, then why did the company issue FDIC-backed bonds and not preferred shares? Watch the video for Cramer’s answer.
Cramer's charitable trust owns Cisco Systems, Goldman Sachs, Hewlett-Packard and JPMorgan Chase.
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