Tonight on CNBC’s MAD MONEY, Jim Cramer came out with some huge commodity price calls all around "Sweet 16" and "March Madness." His picks all revolve around "$16" for commodity price handles. He already gave a new gold pick tonight and also gave a new agriculture pick that is different than his top ag-play last week.
Cramer thinks that as oil and coal go up and up, natural gas becomes the go-to play and his pick in natural gas is Chesapeake Energy Corp. (NYSE: CHK). He likes the production growth, and he really likes that insiders and the CEO are buying up stock. This insider buying is after waves of successful insider buying that has now seen exponential gains. But the last bit of insider buying was a monster purchase and that has moved more than $10 since then. He also noted that bears are shorting the stock and the stock doesn’t really stay down that much.
Jon C. Ogg
March 3, 2008