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Wednesday, October 18, 2006

Cramer on Stop Trading: Buy MEL, GS, JPM

ON CNBC's Stop Trading segment around 2:40 PM EST today, Cramer weighed in light sweet crude. He doesn't know where you would put a tanker now. He thinks oil is still going to $56 before interest comes in and he would have puts in the Oil Service Holders (OIH). Cramer would be worried if he was in the oil names. He said the DJIA is oil-light, so it will go up more if oil drops. He thought the rapid profit taking at 12K+ on DJIA was a little too fast today.

He said JPMorgan (JPM) was better than they got credit for and he said the financials are all "1-down, 4-up," meaning $1 downside risk, $4 upside.

On Mellon (MEL) they did an unbelievable earnings number with headcount flat.

Cramer said Mellon (MEL) and Goldman Sachs (GS) are buys, and he said GS is ready for an earnings multiple expansion.

On Parker Hannifen (PH) that the stock is cheap.

Jon C.Ogg
October 18, 2006

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