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Back to Defensives

By Jim Cramer

 About this article:
 So they have already gone back to the defensives, the double-dip stocks. It is incredible how quickly "they" come to the conclusion that the safest course is safety and the presumption that Clorox and Colgate will outperform. It is also amazing to me how 30 cents' worth of natural gas is worth 20% to those stocks, or how quickly the industrials give up the ghost back to 4%, or how the retailers look like they are beginning their long march back down. Suddenly JC Penney , Nordstrom and Target look toxic, and we are right back to square one with Lowe's and Home Depot , as if nothing good has happened in housing. Meanwhile, Caterpillar's yield goes to 5% as does Federal Realty , two of my indicators for commercial construction. The only surprises? How little Freeport down and how...

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