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Cramer still thinks Bernanke doesn't have a clue and radical rate cuts are needed; "and we need them yesterday." While the bond insurers are swooning, the Fed "still thinks this is an inflationary problem, not a deflationary problem." Cramer calls for lower bond ratings for all the insurers: MBIA, Ambac, PMI Group and MGIC, refinancing help from the Federal Housing Administration and a government buyout of remaining bad subprime bonds.
Oil's rally has been good for natural gas and infrastructure, and a way to play both sectors is WG, the second most prolific pipeline producer in the U.S. WG is committed to building 6,000 more miles of pipeline by 2015, and big players such as El Paso, Spectra Energy and Kinder Morgan may be ready to make some deals. WG also constructs refineries and is earmarking $7 to $8 billion for refinery projects through 2011. WG trades at a modest one times it growth rate, and even if it rose to 1.3, it would still jump 31% higher to $45. "Infrastructure meets energy is the perfect play," said Cramer.
Sell Block: International Game Technology (IGT)
Cramer confessed that he had "falsely imprisoned" IGT on his Sell Block after the company reported in-line numbers last year. He thought the gaming industry would take a hit with the economic slowdown, but Florida and California voters passed a referendum that would dramatically increase the number of slot machines. Now Cramer is again bullish on IGT and would use any pullback to buy. The moral of the story: ""Never sell a stock you know is right, just because you're impatient," Cramer said.
On a final note, Cramer expressed disappointment with CMG's quarter and says he now prefers YUM.
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