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The potential for rising gas prices to slow a much-needed economic recovery has worried the market, Cramer said Friday, with Wall Street anxiously watching the price of oil. The more expensive a barrel of crude, the higher the price at the pump. That could prevent consumers from spending money in other struggling industries, such as retail, and extend this recession.
Investors who want to know which way oil is headed need only look to two stocks, Cramer said during Stop Trading!. Transocean [RIG
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] and Schlumberger [SLB
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] have been great tells for the cost of crude, and, as a result, gas prices. Both stocks have been “incredibly weak,” with RIG, in particular, having already peaked.
“To me that means, you may be out of the woods,” Cramer said. “Gasoline may stop.”
Cramer thinks oil should plateau at $60 for now, removing any threat that high gas prices posed to a recovery.
Also, Cramer likened the U.S. economy to an electoral map. Key states such as California and Florida carry more weight than a Pennsylvania and New York, at least when it comes to pulling the country out of a recession.
If that’s the case, then J.C. Penney [JCP
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] offered some good news when it reported fiscal first-quarter results on Friday. The company said that five of its top 10 markets were in California, one of the hardest-hit states over the past nearly two years. However, Florida is still in rough shape, JCP announced.
“Florida is a huge swing state in this game,” Cramer said, adding that without a recovery there and in California the rest of the country would continue to lag.
- Fed Prevented Economic Depression: Fisher
- Government's Scary Grip on Economy Tightens: Welch
- Consumer Mood Snaps Back to September Levels
Lastly, Google [GOOG
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] has been “en fuego” in May, thanks to growing strength in advertising, including the financial and luxury auto markets.
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