Jim Cramer talks positioning your portfolio amid uncertainty in Venezuela

Watch on YouTube ↗  |  January 06, 2026 at 00:28  |  12:09  |  CNBC
Speakers
Jim Cramer — Host, Mad Money
Robert — Caller

Summary

Jim Cramer argued that the Venezuelan regime-change trade in oil-related stocks was over by the open and advised against chasing it. He instead highlighted cheaper bank and drug stocks, including JPMorgan, Citigroup, Goldman Sachs, Capital One, and Johnson & Johnson, while saying Eli Lilly remains liked but has moved a lot. He also said ServiceNow is too expensive, warned software is pressured by hardware and AI, and endorsed Affirm as a buy with a $100 target. He reiterated a long-term own-not-trade approach and said most gains in the oil complex have already been made.

  • Cramer said the Venezuela oil trade was too late to chase and named Chevron, refiners, and oil-service stocks as speculative.
  • He favored bank stocks, citing cheap valuations for JPMorgan, Citigroup, Goldman Sachs, and Capital One.
  • He saw drug stocks as on sale and singled out Johnson & Johnson's planned DePuy Synthes spin-off as a positive catalyst.
  • He still likes Eli Lilly but said it has already moved a great deal.
  • He called ServiceNow too expensive and said software companies face pressure from hardware and AI.
  • He endorsed Affirm, predicting it will reach $100, and praised founder Max Levchin.
  • He said most gains in the oil complex are already made and prefers discounted companies for 2026.
  • He repeated his long-term philosophy of owning individual stocks rather than trading them.
Ideas
Jim Cramer Host, Mad Money 3:20
Venezuela oil trade already over
Cramer said the Venezuela regime-change trade in oil-related stocks was over by the opening bell. Chevron has an existing Venezuelan interest and refiners Valero, Phillips 66, and Marathon Petroleum can process heavy crude, so he sees them as relative exceptions, but even Chevron's possible production increase is a drop in the bucket and it is unclear whether refiners can get the crude. Halliburton, KBR, and SLB could win Iraq-like rebuilding contracts, but all of the stocks opened too high, the projects will take years, and he expects losses for buyers who chased them.
CVX VLO PSX MPC HIGH
Jim Cramer Host, Mad Money 3:20
Venezuela oil trade already over
Cramer said the Venezuela regime-change trade in oil-related stocks was over by the opening bell. Chevron has an existing Venezuelan interest and refiners Valero, Phillips 66, and Marathon Petroleum can process heavy crude, so he sees them as relative exceptions, but even Chevron's possible production increase is a drop in the bucket and it is unclear whether refiners can get the crude. Halliburton, KBR, and SLB could win Iraq-like rebuilding contracts, but all of the stocks opened too high, the projects will take years, and he expects losses for buyers who chased them.
HAL KBR SLB HIGH
Jim Cramer Host, Mad Money 5:58
Banks cheap; buy dips
Cramer said bank stocks remain cheap entering the year, singling out JPMorgan as outrageously cheap versus the rest of the market. He views declines as opportunities to buy more rather than reasons to sell.
BANK JPM HIGH
Jim Cramer Host, Mad Money 6:20
Goldman benefits from M&A wave
Cramer expects 2026 to be a big year for M&A and equity issuance. Goldman Sachs trades at 17 times earnings, below the S&P 500 average, and is a major player in M&A and IPOs, so he thinks the stock is worth buying and has more room to run.
GS HIGH
Jim Cramer Host, Mad Money 6:44
Citi cheap, will beat estimates
Cramer said Citigroup trades at only 12 times this year's earnings estimates, expects the company to exceed those estimates, and thinks it can continue its resurrection as a multi-year move.
C HIGH
Jim Cramer Host, Mad Money 7:09
Capital One cheap, rate-cut beneficiary
Cramer said Capital One's Discover acquisition makes it a credit-card heavyweight. It trades at just 12 times earnings, is the cheapest bank he discussed, should benefit from coming rate cuts, can extend reach through Discover's network, and is buying back stock. He says it is not too late to buy.
COF HIGH
Jim Cramer Host, Mad Money 7:41
Drug stocks on sale today
Cramer said drug stocks were on sale today and that he likes to watch declines to find good entry points. He used the group's selloff as the setup before naming his preferred names.
PPH MED
Jim Cramer Host, Mad Money 7:46
Lilly liked but already moved
Cramer still likes Eli Lilly and calls it the fastest grower, but he said it has already moved a great deal and is not his best opportunity in drug stocks right now.
LLY LOW
Jim Cramer Host, Mad Money 7:50
J&J spin-off lifts multiple
Cramer said Johnson & Johnson's planned spin-off of its slower-growth orthopedic business DePuy Synthes should immediately raise its price-to-earnings multiple, similar to the Kenvue separation. With the stock down more than $5 at one point, he called it a terrific entry point.
JNJ HIGH
Jim Cramer Host, Mad Money 9:03
ServiceNow too expensive, software disruption
Cramer said ServiceNow is still too expensive at 42 times earnings. Although it is one of the better companies in software and an AI leader itself, he thinks the industry is having a difficult time with AI and the stock failed to bounce as he expected.
NOW MED
Jim Cramer Host, Mad Money 9:03
Software being eaten by hardware
Cramer said software companies are being eaten by hardware and the software industry is having a tough time with AI, even though some names are AI leaders themselves. That creates a negative backdrop for the sector.
IGV MED
Jim Cramer Host, Mad Money 10:41
Affirm heading to $100
After caller Robert highlighted Affirm's proprietary credit models, merchant growth, underwriting, and UK expansion, Cramer told him to buy more. Cramer predicted the stock will reach par, or $100, from about $80, and praised founder Max Levchin.
AFRM HIGH
Jim Cramer Host, Mad Money 10:56
Oil complex gains already made
Cramer said most of the gains have already been made in the oil complex and that he would rather focus on terrific companies trading at a discount, which he expects to be the theme for 2026.
USO MED
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This CNBC video, published January 06, 2026, features Jim Cramer discussing CVX, VLO, PSX, MPC, HAL, KBR, SLB, BANK, JPM, GS, C, COF, PPH, LLY, JNJ, NOW, IGV, AFRM, USO. 13 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jim Cramer  · Tickers: CVX, VLO, PSX, MPC, HAL, KBR, SLB, BANK, JPM, GS, C, COF, PPH, LLY, JNJ, NOW, IGV, AFRM, USO