Usually when you hear 'buy one get one free' you think you're getting a good deal, but TheStreet's Jim Cramer says BOGO isn't good when it comes to oil. Cramer says Iran is essentially have a BOGO sale of oil,’ with refinery buyers able to 'buy one tanker and get another free.' Iran is able to sell oil at such low prices, that the U.S. can't compete. That's weighed on some oil companies like Anadarko Petroleum (APC), Apache (APA), Chesapeake Energy (CHK) and Freeport McMoran (FCX). Oil prices have retreated once again this week, dropping below $27 a barrel on Wednesday, and weighing on the overall stock market. Jim Cramer is portfolio manager of Action Alerts PLUS.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
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.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.