Jim Cramer's Real Money Radio Recap 6/26

Recap of Jim Cramer's radio show on Monday June 26. Click on a stock ticker for more analysis:

Note: Aaron Task will be filling in for Cramer this week.

Fed fears: - Task cites the widespread worry that the Fed will raise interest rates as the cause of market "schizophrenia," and discusses Cramer's observation that he has never seen such a short supply of copper, yet commodities are getting hammered by the Fed policy. Task belives that the Fed will likely raise interest rates for the 17th consecutive time, and that the housing market will suffer as a result.

Oil is King: Anadarko Petroleum (APC), Devon Energy (DEV), Forest Oil (FST), Cabot Oil & Gas (COG) and Pioneer Natural Resources (PXD) - Task says that oil has the ability to single-handedly move the market: when oil is down, it is a good day for the market, and when it is rises, it is a bad day. The price of oil is currently affected by geopolitical difficulties, including the Iranian threat of embargo, Iraq's diminished pumping power and Saudia Arabia's dwindling supply. Task suggests picking up oil, even though it is high, because it is probably going to go higher. Task was joined by Pritchard Capital's managing director of research, Chris Edmonds, who praised Andarko Petroleum's $21 billion acquisition of Kerr-McGee (KMG) and Western Gas as a good long-term strategy. He identified Devon Energy (DEV) and Forest Oil (FST) as two companies that are likely to be purchased in the near future, but added that Cabot Oil & Gas (COG) was a less attractive option. Concerning rumors that Pioneer Natural Resources (PXD) will be taken over, Edmonds says that its assets are scattered and it will have to get focused before this will happen.

Bullish calls:

Oceaneering International: Edmonds believes that this stock will go up at least $2 this year. He likes this company, because it is involved with the Gulf of Mexico, and is a good deep-water inspection and hurricane protection company.
Nabors Industries (NBR): Although this stock is cheap, says Edmonds, it may earn more than $5 by 2007. NBR may be hit by market volatility, but it is a good long-term play, he says.
Southwestern Energy (SWN): Edmonds likes this stock because it has good growth and takeover potential; it's currently below $30.
Apple (AAPL): Edmonds notes that stock has taken a beating, but Apple has a lot of long-term potential, and that demand for its iPod has not yet reached a saturation point.

Neutral/Bearish calls:

Microsoft (MSFT): Edmonds says that while this stock may seem inexpensive, it is too big for its own good.
St. Joe (JOE): Edmonds says to stay away from this stock, because the Florida housing market has cooled, and the company's property is not good for building homes.

More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.