Easy Money Investing

Investors more interested in the Fed than stocks will miss out on some good opportunities, Jim Cramer said on TheStreet.com TV’s http://www.thestreet.com/_swtile/video/cramermarketupdates/10335715.html Webcast Tuesday.

“There’s a daybook mentality to the media coverage [of the Fed] , which is that we have these events so we must talk about them,” Cramer told Aaron Task, the host of Wall Street Confidential.

Cramer believes market-players focusing on the Fed meeting might miss the opportunity to buy a Colgate (CL) or sell a 3M (MMM) .

He also said that Illinois Tool Works (ITW) and Black & Decker (BDK) were two stocks that people focused on the Fed could be missing out on.

Merck’s (MRK) guidance wasn’t good because it “has poor management” and a “very bad pipe,” Cramer said. Guidance from 3-M was low because it “doesn’t have a clue,” he added.

“I don’t think this company is nearly as in control of its destiny as it used to be,” Cramer said, referring to 3M.

Meanwhile, Cramer said he is still trying to figure out why UPS’ (UPS) guidance was down.

When Task asked Cramer his thoughts about financier Carl Icahn taking a stake in Motorola (MOT) , Cramer said that Icahn has changed his ways.

In the old days, Icahn would come into a company and cause trouble, Cramer said. But now he comes in with a “substantive, constructive critique.”

“Managements that spurn him I am very suspicious of, because he is a player in this who can offer tremendous guidance from many different fields if you embrace him,” Cramer said. On the flip side, he can make life very difficult for management, Cramer said.

Cramer said it was surprising to see Time Warner (TWX) CEO Dick Parsons embrace Icahn, because of Parsons’ initial cold feelings toward him.

Cramer called Parsons a “remarkable man” and a “modern-day classic CEO.” Part of what makes Parsons such a great chief executive is that he’s willing to make tough changes, doesn’t do it in a vociferous way, and is open-minded, Cramer said.

On the other hand, Cramer believes that 3M’s George Buckley and Motorola’s Ed Zander are examples of “not great CEOs.”

“We are always afraid to cite the CEO for the damage,” Cramer said. “But the CEO matters more than people realize, and the CEO sets the tone.”

Going back to the topic of the Fed, Cramer told Task that “we need to go back to a world where we recall that there are only certain industries that are hurt by these rates — auto and housing.”

It’s unlikely that the auto and housing sectors will start performing well, said Cramer, who believes that’s the only scenario in which the Fed would raise rates.

“Stable rates are not a bad thing,” he said, adding that they have produced “big runs in our time.”

That said, Cramer still believes that we’ll get rate cuts, but he isn’t relying on them to produce an upside for the year.

Updated from 12:37 p.m. EST

Gold edged higher Tuesday as dealers took positions ahead of Wednesday’s Federal Reserve interest rate policy announcement.

April-dated bullion contracts added $1.10, to close at $650.10 an ounce on the Comex division of the New York Mercantile Exchange. The PowerShares DB Gold (DGL) fund, which tracks the futures price, was gaining 0.5% recently.

The ETFs that hold the metal — iShares Comex Gold Trust (IAU) and streetTracks Gold Shares (GLD) — also were moving ahead, up 0.4% and 0.3% respectively.

In addition to the added speculative positions, at least part of the story involved transactions by currency dealers.

“I’ve seen evidence that some ‘carry trades’ in Asia are being unwound, and that’s having a spillover into the gold market,” says Neal Ryan, director of economic research at New Orleans-based coin dealer Blanchard.

The “carry trade” involves selling short a low-yielding currency, such as the yen, and investing the proceeds in the government securities of a higher-yielding one, like the dollar or euro. The same theory is used for gold carry trades, with unwinds leading speculators to buy back short bullion positions.

One dollar was recently buying 121.635 yen, down from 121.80 yen late Monday, with the modest weakness in the yen perhaps triggering stops placed by carry-traders. The euro was recently worth $1.2959, not much changed from $1.2953 previously.

Turning to the technical analysis perspective, at least one observer sees a setup in the charts for a strong move up.

“A very bullish technical picture has developed,” says Peter Grandich, editor of The Grandich Letter, who notes that gold prices have withstood a stronger-than-expected greenback, as well as falling energy prices.

Crude oil prices, considered a key factor in causing inflation, have declined about 10% since the beginning of the year, while spot gold prices have remained steady. Some investors purchase gold as a hedge against a rising price level, and the robust performance of bullion, despite the likelihood of reduced inflation concerns, looks encouraging for the bulls, Grandich explains.

In the official sector, the European Central Bank announced net sales of 36 million euros of gold and receivables last week, or about 2.3 tons. The transaction reflects selling by one bank in the ECB system and purchases by another, with the latter no doubt encouraging the bulls.

In the precious metals patch, Randgold Resources (GOLD) was gaining more than many, up 1.8% recently, while AngloGold Ashanti (AU) was losing less than 0.1%.

Turning to base metals, benchmark copper contracts bounced 2 cents to close at $2.56 a pound on the Comex following Monday’s 10-cent drop.

Elsewhere, Deutsche Securities downgraded shares of miner Southern Copper (PCU) to hold from buy, but the stock still bounced, up 1% recently.

Friedman Billings Ramsey took Phelps Dodge (PD) down a notch to a market perform rating from outperform. It also trimmed its stock-price target on Freeport McMoRan Copper & Gold (FCX) to $69 a share from $74, but maintained an outperform rating on the shares. Phelps was up 1% recently, while Freeport was adding 2.2%.

As for ferrous metals, U.S. Steel (X) reported better-than-expected fourth-quarter results after the close Monday. The news helped boost the stock, up 4.5% in afternoon action.

Are you tired of always having to wear glasses? Wouldn’t it be nice to wake up with perfect vision, or be able to play sports without protective glasses?

If so, LASIK surgery may be the right option for you. Approximately 1.3 million Americans had LASIK surgery in 2005, according to Market Scope.

LASIK, which stands for laser-assisted situ keratomileuis, treats myopia (nearsightedness), hyperopia (farsightedness) and astigmatism. LASIK works by changing the actual shape of the cornea, which is the clear covering of the front of the eye — thus reshaping the area.

But you shouldn’t go into this operation blindfolded, so to speak. It’s important to know the risks and what to expect.

Here’s a brief check list to determine if it’s appropriate, and some more information to get you started.

For a bit of background, Colombian ophthalmologist Jose Barraquer developed the first microkeratome — a surgical instrument to cut the cornea and change its shape — in 1960, and Indian doctor Rangaswamy Srinivasan helped discover the ultraviolet excimer laser in 1981.

This kind of laser uses a combination of inert and reactive gas, and has the ability to sketch living tissue in a very precise way, with no thermal damage to the surrounding area. The LASIK surgery itself was developed by Lucio Buratto and Ioannis Pallikaris in 1990. They blended the two prior techniques, keratomileusis and photorefractive keratectomy, resulting in greater precision than the two previous surgeries. Be Prepared

The FDA has approved laser-eye-surgery equipment, but they don’t monitor each physician or procedure.

It is very important to consult with your optometrist and alert him if you have any of the following conditions: herpes, glaucoma, hypertension, eye diseases, such as uveitis/iritis (inflammations of the eye) or previous eye surgeries.

Also, performing this procedure on a cornea that is not thick enough can be extremely damaging.

And if you have tried LASIK before, make sure you consult with your doctor before trying it again.

It is recommend that you stop wearing your contact lenses for several weeks before your baseline examination, as they change the shape of your eyes. (The exact length of time depends on the type of contacts.)

You should also stop using lotions, makeup and perfumes the day before the procedure.

What’s the operation like? Well, maybe not as bad as you’d assume.

The doctor will give you an oral sedative such as valium, and then he will numb the eyes. An instrument called the retainer will be used to keep your eyes open. High pressure is then used to create suction directly on the cornea — and this is where you might be a bit uncomfortable.

Using the laser to adjust to your prescription, the doctor will then cut a flap in the cornea of your eye.

The second step is using the laser which involves focusing on light while the doctor watches your eyes through a microscope. During this time, the laser is sending pulsating light to your cornea. The exact time of the procedure depends on your eyes; the stronger the prescription, the longer it will take. The Aftermath

At the end of the procedure, a shield will be placed over your eyes, which will prevent you from rubbing them — even though you may want to rub your eyes, resist the urge, as it could cause damage while the cornea heals.

The shield also prevents you from putting direct pressure on your eye while you sleep, and keeps your eye from accidentally being hit or poked. Expect to wear the shield for up to four weeks at night, and don’t plan on playing contact or strenuous sports for one month after the procedure.

There may also be some tearing and sensitivity, or dryness, in your eyes, and don’t be alarmed if the whites of your eye look red or bloodshot. LASIK can cause symptoms which interfere with your night vision for the first few days. These symptoms should improve considerably, however, within the first few days after surgery.

Dan Myers, in his late 30s, has been wearing glasses since he was eight years old; he is getting the surgery next week. Myers is a combination of nervous and excited: “I will be able to get up in the morning and not have to look for my glasses,” says Myers.

He says his daughters are a little worried that “daddy will look different without the glasses.” But Myers, will be thrilled to gain better peripheral vision and not have to wear protective glasses while playing basketball and baseball.

Most insurance companies do not cover the surgery, as it is often considered cosmetic. Prices ranges from approximately $1,600-$2,000 per an eye.

So next time your glasses break or you get sick of waking up blind in the morning, think about getting LASIK.

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