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Caterpillar Effect

Other stocks are being transformed by what's happening in the big earthmover.
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I would be buying Ingersoll Rand (IR) aggressively here -- larger than my last several buys, I'm thinking 500 shares here -- if I were not restricted because it correlates totally with Caterpillar (CAT) , which is up big. I expect this stock to track right back to $45 when it reports earnings in late July. If Caterpillar goes up big, Ingersoll Rand should go up even bigger, because all the areas Caterpillar says are strong are directly related to Ingersoll.

Regards,

James J. Cramer

DISCLOSURE: At the time of publication, Cramer was long Ingersoll Rand.

Send email to james.cramer@thestreet.com.