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Stocks discussed on Jim Cramer's Stop Trading! TV Segment, Wednesday January 26.

Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL), Allegheny Tech (NYSE:ATI), Precision Castparts (NYSE:PCP), Alcoa (NYSE:AA), Parker Hannifin (NYSE:PH), Emerson (NYSE:EMR), Eaton (NYSE:ETN)

While the bears on The Street are growling about inflation fears, Cramer thinks 2011 is the year the torch of global growth will be passed from India and China to the U.S now that larger domestic companies are just beginning to restart hiring. He took issue with those quick to short stocks; "short bonds, don't short stocks...bonds are wrong."

Even if there is some degree of inflation, it is commodity inflation and not wage inflation, and the latter has a more destructive impact on the domestic economy. Cramer is astounded that after the price of oil dropped ten straight points, the price recovered somewhat and "oil drillers made you more money in five years than I have seen in ages in the stock market...these are incredible moves and there is very little enthusiasm." Thanks to oil rising, Schlumberger (SLB) was able to rebound from its decline following earnings.

The aerospace buildout is in full swing, and while plane producers aren't making money yet, "If you are a supplier like Allegheny Tech (ATI), it is gigantic." Cramer would buy Precision Castparts (PCP) and Alcoa (AA) on ATI's success. Right now the industrials are the "major cord" of the market. While gold is low for the remainder of the month and copper is down, industrial plays like Parker Hannifin (PH), Eaton (ETN) and Emerson (EMR) are worth buying; "Emerson is a buy right here," Cramer said.

"This is a powerful bull market," he declared, comparing it to similar markets of the 80s and 90s. The difference is the current bull market is broader than those in the past.

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Source: Cramer's Stop Trading! This Is a Powerful Bull Market (1/26/11)