The gifts of the gas pump that keep on giving

Cramer: Higher oil bad for market

Just as Jim Cramer was beginning to worry that the price of gasoline could be jumping back up, it drops a whopping 6.6 percent in one day. But Cramer isn't concerned about that because, in his perspective, low oil prices are the gift that just keeps on giving.

"I've said it a thousand times: higher oil is bad for the stock market. Higher gasoline is terrible for the stock market. Higher heating bills are horrendous for the stock market. There's nothing more to it. End of story," the "Mad Money" host said.

Instead, Cramer has been worried about how the transport group seems to be going lower and lower each day. But then, even these worries were thrown out the window on Wednesday when oil dropped $3 based on increased pumping from the Saudis and a huge U.S. inventory.

Cramer anticipates that this drop in oil will translate to a better bottom line for airlines, a group that previously worried him. He has his eye on two airlines that are domestic carriers, and thus less exposed to currency fluctuations: Southwest and Spirit Air.

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"You temper your chief worry, you give the analysts a reason to reload and reiterate their buy recommendations, and voila, the Dow transports average can U-turn without the dollar getting weaker, which could really help the cause," Cramer said.

Cramer was also worried about the restaurant and retailers, as they could be damaged from the high price of oil as well. Now that oil has dropped again, Cramer thinks this is the perfect time to gobble up some Sonic, or even Fiesta Restaurant group, which was down 10 percent from its high.

He was also concerned about Ross Stores, TJX, L Brands and Nordstrom. But now that the upward direction of the price of oil has come to a halt, he can take those worries off the table.

And the purchases that consumers make with extra cash in their pocket from the gas pump don't just stop with clothing and food.

"I say that's not thinking big enough. I want you to think about the Apple Watch, which could be precisely the kind of discretionary item that might land you in the Apple store," Cramer added.

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You might think Cramer's spare change thesis on the Apple Watch is far fetched, but it signifies the ultimate discretionary purchase that consumers can make. Cramer speculates that if Apple were just a watch store, people would still buy the stock.

So while some may panic about the price of oil, Cramer still thinks that is crazy. There are just too many positives to lower energy prices for both the stock market and the economy. The silver lining in the long term is a great one, and Cramer has always taken a long-term approach to the market.

"We're once again getting a gift or actually, a reprieve from an oil spike that would almost certainly have undone whatever nascent run we've had here."

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