Cramer: The Year of Investing Dangerously - in Oil

 | May 05, 2017 | 2:38 PM EDT
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Oils as leaders? We have to believe, with that increase in the rig count just announced, that it is even more likely that some fund blew up last night when oil hit $44 because there's no way we can just have a quick reversal as we have had today on supply and demand.

That said, I would feel better about calling a bottom if there had been some volume. How much volume could there be at 2:45 a.m. ET when it was down two bucks from here?

That means to me that if you are going to buy an oil, you have to be sure that you can handle another quick move down unless we find out that some hedge fund blew up.

If I were a hedge fund, I would be very circumspect here because I do not know how it can climb without going down again Monday unless something happens over the weekend, and I can't foresee what that would be.

If you can't resist, go liquid: Schlumberger (SLB) , which has gotten very cheap very fast and makes for a good buy, or Halliburton (HAL) , which reported a very good quarter and isn't getting credit for it. We bought some oils yesterday for Action Alerts PLUS that make sense, too. But we did it small. Oil keeps letting the bulls down. It's probably not done doing so. (Schlumberger is part of TheStreet's Action Alerts PLUS portfolio.)

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volatility is quite low here, and we could see some downsides here in the short term. ...



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