Cramer: Time to buy, buy, buy the most hated sectors imaginable

Jim Cramer pointed to technology, oil and financial stocks as the leader of the rally on Wednesday. Three of the most hated sectors have suddenly turned into leaders of the market.

The Investors Intelligence Poll of newsletter writers also reported what Cramer regarded as "eye popping" sentiment numbers on Wednesday. The poll indicated that 35.4 percent of participants are bullish, down from 40.2 percent last week. Additionally, 24 percent were bearish, a six-week high, and the rest were calling for a correction.

"The idea that there could be this many bears just seems plain wrong. I think many people are caught on the wrong end of the seesaw here, and they are about to be sent flying by the bull," the "Mad Money" host said.

While Cramer admitted that there are many soft patches in the economy, there are also many positive signals in the economy too, such as housing and job growth.

When many investors hate the stock market, Cramer always reaches for the most hated sectors imaginable: banks, tech and energy.

Oil workers moving a drill on a rig in Texas.
Fuse | Getty Images
Oil workers moving a drill on a rig in Texas.
"The idea that there could be this many bears just seems plain wrong." -Jim Cramer

The banks are poised to roar higher because the Federal Reserve has once again put a rate hike on the table, even as early as June. In a higher interest rate environment, banks make more money from deposits.

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"The banks are unbelievably cheap and unbelievably hated. The group is viewed as despicable by most managers. That is what you reach for when everyone is so bearish," Cramer said.

Oil is also on the verge of Cramer's $50 target, where he expects it to stall. There are two reasons initiating the bid for oil. First is that crude inventories were very low on Wednesday, and Cramer doesn't think it was caused by the Canadian wildfires.

The second catalyst for oil is that natural gas has a huge inventory overhang, and the price has been falling for months. Cramer suspects that traders are closing out their short positions in anticipation of a hot summer, when people will be turning on their air conditioners.

The last group is technology, where both Hewlett Packard Enterprise and Computer Sciences Corporation soared on the news that HP Enterprise is spinning off its IT services to be merged with CSC.

"I love the deal, but what I really like is that investors are so turned on by a new combination and by the better earnings that HP Enterprise reported this morning. This merger makes me think IBM's stock might be too cheap," Cramer said.

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