After tumbling nearly 25% in the past month or so, Colgate trades in the low 60s. It could rally to the high 70s as earnings climb and the company's market share grows.

On Thursday's "Stop Trading!" segment on CNBC, Jim Cramer focused on companies that reported strong quarters and have also pulled back, such as Colgate(CL) and Clorox(CLX).

Or do they mean Pepsi (PEP) and Procter (PG) and Colgate (CL), which I like but which aren't cheap.

stable

The first, the bull market, is what I call the "food bank" world, which consists of self-financing companies that, even if they do need to tap the debt markets to expand, represent the only trustworthy debt. These are companies like General Mills (GIS), HJ Heinz (HNZ), Procter & Gamble (PG) Colgate (CL) and Pepsico (PEP). Like it or not, they are growing and have solid balance sheets. I say "like it or not" because their price-to-earnings ratios are stretched. Nevertheless, they are safe havens and money has to go somewhere. This is a limited group, and it is hard to see it expanding because the only reason you buy these stocks is if you think we are going into a tough recession. I think that's the odds-on possibility. (Note that these stocks took some hits Friday on rampant and misplaced optimism in the market.)

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Look for the S&P 500 futures to take down Procter (PG) and Colgate (CL) and General Mills (GIS), and don't think, "Oh my, are they expensive." Think, "Hmmm, that could be opportunity."

Best Brands, Super Stocks: Robert Millen, co-manager of the Jensen Portfolio, says the best stock ideas for a downturn can be found on supermarket shelves. Here's why you should put shares of P&G and Johnson & Johnson on your shopping list.

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Raising numbers for packaged goods! That's what you have to do with this incredible decline in natural gas. That's a gigantic part of the cost structure of Procter & Gamble (PG) and Pepsi (PEP) or of Colgate (CL) and General Mills (GIS).

The tough thing about this switch is that the real bulls are the overstretched valuations: Pepsi (PEP), Colgate (CL), Procter & Gamble (PG), Kimberly-Clark (KMB), General Mills (GIS), Kellogg (K).

STILL HASN'T COME BACK

it is down