Cramer: Don't Let Oil Futures Change Your Game Plan
Don't let oil futures determine your game plan, Mad Money's Jim Cramer said on Thursday's Stop Trading!
The market is not unlike 1990, Cramer said. As such, he's not letting oil futures make his investing decisions. He's on the lookout for stocks that have little downside.
"I think the stocks that you can buy are the ones that have been so hammered that even if it doesn't turn out that there's a deal, the downside's limited," he said. "The ones that are really dangerous are the ones that are untested and haven't gone down enough."
His rule of thumb: Stocks that are down 10-12 percent, "those are OK to buy now," he said.
"I don't want to say anything's immunized...but if you get a stock that's already reported within reason and you don't think that the outlook is going to change dramatically because oil goes to $110...you have something you can let go as oil goes down, if it's just a short-covering rally" he said.
"It's a trader's market and it's a good one," he concluded. With that in mind, Cramer likes Freeport-McMoran.
"I think Freeport is a company that has already taken it on the chin," he said.
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