Cramer's Oil Stocks Again

Description:

From 8-6-07:

"Sorry, but I can't back away from the oils or the oil drillers here. They had that huge run up and now are pulling back so heavily that you have to presume that oil, the commodity, is going to the $60s. I am not buying it. I think that oil could be heading down, but this selloff is overdone. For some reason, and it is a strange one, many of the so-called "garbitrage" hedge funds ,meaning the ones that were agitating for changes and big buybacks, own a lot of the oils. They seem to be using them as a source of funds to send capital back, perhaps because they own illiquid fixed-income securities that can't be sold. Now, given the latter issue about the holders and the downturn in the commodity that this move is prefacing, I think that you can't expect the oils to bottom here. But I think that they are the most attractive stocks that have come down here."

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