Cramer spent this week’s Sell Block talking about his $80-to-$120 picks. The good news is they’re beating the S&P. The bad news is they’re still in the red.

Home Gamers will remember that these are the stocks Cramer said should make it to $100 from $80 in a bull market, and then should continue on to $120 if they make it to the century mark. His picks are down 4.2% since the week of July 9, while the S&P is down 4.5%.

Of course, Cramer made his calls when the bull market was raging. But he’s confident that, if the Federal Reserve cuts rates, his $80-to-$120 with be “the buy list to end all buy lists.”

Cramer said his biggest mistake was lack of diversification (that and assuming the bull market would continue unabated). He picked ConocoPhillips and Apache, both levered to oil, and Caterpillar and Terex, both levered to construction. Oil peaked, the mortgage mess spread throughout construction, and down went all four stocks.

Of all his $80-to-$120 picks, Cramer still likes Conoco, Caterpillar, Terex and Boeing, which slipped because of delays on its new Dreamliner aircraft. Conoco is buying back stock, CAT is set to beat its inventory problems, and Terex is cheap. And if he had to pick a different oil name, he’s go with XTO Energy.

Two other $80-to-$120 picks, Air Products and Energizer, are up 6% and 6.7%, respectively.

Jim’s charitable trust owns Caterpillar and XTO Energy.

Questions for Cramer?

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