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Reversal in Oil Makes Me Bullish

By Jim Cramer

 About this article:
 Nothing makes me feel more bullish than a reversal up for oil. I know that seems counterintuitive, but the reversal that economies worldwide are getting more robust, even if we don't feel it. When OPEC kept the quotas the same, we should have seen oil plummet. Remember only a week ago The New York Times queried how low oil can go, but instead oil's going higher. Of course, the easiest course of action is to go buy BP , which is the most levered in terms of keeping its large dividend, or buy ConocoPhillips , which said last week it needs higher oil prices than most of the majors to make money. We are also seeing the Oil Services HOLDRs move up, which is a heavily battered security on options week and it is signaling much higher. I also believe that there could be a wave...

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