Industrial stocks have been the big ugly ducklings of the stock market for ages. And if anyone would have told Jim Cramer 48 hours ago that a company would take a run at $75 billion United Technologies, he would have thought that was insane. But it happened, and it was a big wake-up call for Cramer.
Stocks sank on Tuesday after JPMorgan CEO Jamie Dimon said the bank has $44 billion in direct loan exposure to oil and gas, which put a new spin on the negatives of lower oil and gas prices.
"I didn't like anything about this discussion. JPMorgan reported a little more than a month ago. Why didn't they say something then? It's not like oil wasn't low in January," the "Mad Money" host said.
With oil and bank stocks hated badly in the market, Cramer was intrigued by industrials. When CNBC's David Faber broke news of a possible merger between Honeywell and United Technologies on Monday, it prompted Cramer to take a fresh look at the cohort.