Trading China’s GDP Report on Thursday

The shorts have targeted the Freeport-McMoRans and Caterpillars of the world in anticipation of China’s gross domestic product report on Thursday. While they may make a quick buck on the trade, Cramer during Wednesday’s Stop Trading! said he was taking a longer-term view.

Short sellers are betting that a deceleration in the country’s economy will hurt these stocks. But Cramer said that any slowdown was intentionally engineered and should be short term, meaning the pressure on FCX and CAT should be short term, too. He recommended letting these stocks fall in price until just after the GDP report and then snatching them at a discount.

“That could be your buy point,” Cramer said.

In earnings news, Intel reported a strong quarter, though Wall Street doesn’t seem to care. Despite beating analysts’ profit expectations and issuing revenue forecasts for the third quarter that also are higher than analysts predicted, the stock has given back much of its gains today. Cramer blamed traders who seem to believe Intel when it talks about the strength of its customers without translating their success back to the company itself.

“And I think that’s wrong,” Cramer said. “It’s just too cheap.”

Cramer noted that INTC is cheaper than both International Paper and Dow Chemical , both commodity companies.

“That’s the first time I’ve seen that in my career,” he said.

Speaking of inexpensive stocks, Cramer is bullish on the semiconductor stocks right now. He pointed to bullish statements from Novellus and ASML Holdings as proof.

“I continue to believe that the semiconductors are very, very cheap,” Cramer said. And not just a select few of them, “but the whole panoply.”

When this story published, Cramer’s charitable trust owned Intel.

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