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[Ulisses Pereira]

"What's Working This Morning"

By Jim Cramer
RealMoney.com Columnist
11/12/2007 10:07 AM EST



"Too oversold, too negative? Perhaps. We are almost to -5 on the Standard & Poor's oscillator I follow, which is always where I say you have to cover. And there are plenty of stocks that have fallen too much.

Plus, there are plenty of people who believe that if commodities come down, the Fed then has the green light to ease.

I think this is an "easing" rally, meaning that people are betting that with copper and gold and oil prices coming down, the Fed has room to maneuver.

That's a 1998 scenario, where the Fed sees the crisis, acts and saves the day.

I want to be defensive. I want to say that the possibility of the Fed not acting quickly but commodities declining is not a positive for this market, which is led by these stocks and is therefore not in a position to readjust.

To me, we are still in a "sell strength, buy weakness" market. That's the safest strategy and one that can be employed in these moments.

In other words, in 1990 we had many of these rallies. They got the market back to a level where it worked off the oversold condition and came down again. I think that's the best way to approach things.

Remember what works in the 1990 -- fast-growing drugs and techs and the indestructibles. That's what's working this morning, besides the dangerous stocks in the financials. If you need to hold on to something, hold on to those. "

(in www.realmoney.com)