Jim Cramer - How to Play Google

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There are 4 words that define the market: We should be down. And yet the market keeps moving up. China just raised rates, which was a good reason to sell. The analysts didn't even care about Intel's (INTC) great quarter. When the market is down, a lot of people come in to buy. People who are waiting for a sell off to buy might be waiting a long time. And by that time the market will be much higher. We need to listen to key conference calls to get a read on the market. There are so many earnings reports coming up. Citigroup (C) and Wells Fargo (WFC) will be a couple important ones to pay attention to.

You want all of your banks to be following the Diamond standard of the promise to pay a dividend. If you want to bank on America, then you need to buy Bank of America (BAC). Tech is different. AAPL reports on Tuesday, and then there is everyone else. The stock has risen so much, that it is hard to buy at this level. But you should stick with AAPL. When they report, they are typically a conservative company. They could earn more than $20 this year. They could also sell a lot more phones through Verizon.

Google (GOOG) reports soon as well. As crazy as this may sound, Google is cheap. But you should play this one with deep in the money call options. If this stock goes up, you could win big, and if they go down, you will have some protection. You will hear this strategy mentioned over and over again.

PH will benefit when the United States economy bounces back. SLB is the number one oil stock to pay attention to. Don't buy or sell any stocks based on the news. Make sure that you listen to the conference calls and read the reports.

AIG has a fabulous CEO. After 9/11, he was at MetLife, and he was willing to come on the show to talk about it. There has been a short squeeze that has bid up the stock artificially, so there is no reason to pull the trigger right now.

PGH is not the best of breed, but it is a decent company with a good yield. HES may be better.

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