Jim Cramer, portfolio manager of Action Alerts PLUS, believes oil prices are in the process of bottoming out, and he likes Occidental Petroleum (OXY) and EOG Resources (EOG). Cramer said Occidental has the best cash flow to cover its dividend, and EOG, while it's shut down a lot of projects, has said it could restart them. Cramer also said Exxon Mobil (XOM) is going to look interesting again, but he added investors shouldn't buy Marathon Oi l(MRO) because it's challenged on its dividend. Cramer said he believes oil is bottoming based on comments made by two people he really trusts, including Real Money energy expert Dan Dicker, and Cheniere Energy (LNG) CEO Charif Souhki. Cramer said within a span of a few hours on Monday, both Dicker and Souhki came out and said a bottom is being put in the oil market. He noted they were both bears on the oil market who turned bullish. Cramer spoke with TheStreet's Rhonda Schaffler from the floor of the New York Stock Exchange.
More from Video
Amid the Selling, Here's the Big Question Now
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.