May 17th - QCOM OII CHS

Cramer's first pick was QCOM QUALCOMM Inc.

Closing Price: $46.90
After Hours High: $47.80
Percent Increase at High: 1.9%
Price Level Off Point: $47.33
Percent Increase at Level Off Point: 0.9%

This one is a little too well known for my taste. And even though the tech sector is, on average, a good sector for shorting when Cramer mentions them, there really isn't a big enough jump after hours. The high for the day was $47.81 so this is also an ANGO no-short situation, but given the big down days we have had this isn't a surprise. I think in a situation where everyone is selling, people probably aren't too excited to pay up a lot for a Cramer pick. Shorting this would be more a bet that the market will be down again tomorrow, not playing off the Cramer mention, so not something I am interested in personally.

Cramer's second pick was OII Oceaneering International Inc.

Closing Price: $68.46
After Hours High: $69.24
Percent Increase at High: 1.1%
Price Level Off Point: $69.15
Percent Increase at Level Off Point: 1.0%
Trades on NYSE
Sector: Basic Materials

Oil inventory numbers out today showed a decline in demand due to the high prices. Even though this is oil services it still trades with the price of oil, as can be seen running a comparison chart between OII and OXY over the last 5 days. So even with the "possible" decline in oil prices due to the lowering of demand one of my trading rules is to not short oil and I am not going to deviate from that (not to mention it is too expensive for my taste and there really isn't a big price jump either). Just noticed some odd trading after hours. Looks like someone got some shares right at the closing price of $68.46.

Cramer's third pick was CHS Chico's FAS Inc.

Closing Price: $29.05
After Hours Price: $29.68
Percent Increase: 2.2%
Trades on NYSE
Sector: Services

The services sector hasn't been great for shorting with looking at my data. Stocks with similar price such as FCFS saw a high of $35.75 the next day and dropped to a low of $33.92 (sorry, no time for the high) and DPZ went from $27.78 to $27.46 (time of high 10:19am). Drops of 5.1% and 1.2% respectively. Considering we only have an increase of around 2% right now anyway its hard to think of this as a great opportunity. Much like I mentioned above, shorting this would be more a bet on the market being down big again tomorrow. I'm not saying that won't be the case, but not what I look for here.