Trading News

Can we stipulate that this is a ridiculous market? Our payroll numbers weren't so strong as to warrant this rally. The Europeans are doing nothing. China's hopium.

But it doesn't matter. The signals are all clear even for stuff of which it shouldn't be all clear.

Except for EOG. When it comes down to it, after these conference calls, only one company has been able to turn itself into an oil company from a natural-gas company, and this is it.

Don't get me wrong: The nat-gas companies that are going oil are too cheap. My charitable trust bought Devon, which is ridiculously cheap, even stupidly so.

But EOG is much much further along and is going for being a full-fledged oil player with the best Bakken and Eagleford properties. It's got monster finds.

The amazing thing about the journey of EOG is that it wasn't from natural gas to nat-gas liquids (though it doesn't mind those). It was from natural gas to oil. The other guys are taking the interim step, and it is killing them.

It's good to see what a real oil company can do. It can coin money. No wonder we are getting this fabulous move helped by higher oil prices.

And I don't think it is done, but I will say that the third-day move in EOG, after yesterday, has usually been a better entry point when it spikes like this.

Good stock to have on a very good day.

Disclosure: Cramer co-manages as a charitable trust is long DVN.