JJC:   My week of public humiliation and shame is almost over. We're down to one last whiff, one last blown call. If you remember I've spent all week talking about stocks I got wrong. I was too negative on Google and Comcast, I was being to positive on Sheering Plow all the way down and yesterday I wasn't trusting Ruth Frankford, the Coach CEO, when I should have been telling you to buy his stock hand over fist. These were all classic whiffs, I missed the tops or bottoms because I misjudged or just missed some important pieces of information that I should have been able to process.

The last whiff of the week is Continental Resources Inc. (CLR).

You haven't heard about CLR from me. So it's difficult for me to wear the post it...The one good thing about CLR, at least from the point of view of you watching me continuing to whiff, is that this one was a called third strike. I kept the bat on my shoulder, and I got called out looking. I liked the stock back on January 15, when I was really starting to look at the all the local, the domestic oil and gas companies that were drilling, and strange places like the Dakotas. I liked what I saw, I just didn't like the price. Here was a company that was drilling for oil and gas in the northern Rockies, the Midwest and the Gulf Coast, but 75% of its reserves were in the Dakotas and Montana. Their main play right now is the Red River Play. This is a river in North Dakota. Continental's most important play, however, is the Blackened Shale in Northwestern North Dakota and Northeastern Montana. This is no Barnett shale in Texas, which is the biggest natural gas mine in the country, nor is the Marcellus shale in Pennsylvania, another bountiful find. But it's still got great potential. Right now it's only 25% of Continentals's reserves, but many people think it could be a whole lot bigger. I wanted to tell you about this stock before I explain how I blew the call, because I never told you about it in the first place. Here's how I completely screwed this one up, proving that Cramer is indeed, a sad clown. When I found this stock it was $26.15, which was at its 52 week high when I found it. I was being cute and kept the bat on my shoulder. I was waiting for a pull back for my perfect pitch before recommending it and I kept waiting and waiting and waiting and then of course when I got my perfect pitch and the stock pulled to 22, what did I do? It would have been a steal, what did I do? I still didn't recommend it, I still kep the bat on my shoulder as they tossed it at me. Instead of doing what my discipline says which is to buy at your price, I ignored it thinking, hmm it must be going down because oil could go over, I better you there is even a better pitch on the way.

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So I didn't swing. And then sure enough, it jumped back up to $28 and for about three weeks still Cramer said nothing. There I was biding my time, waiting for the perfect pitch, but there is no perfect pitch in this game. CLR wasn't biding its time. It wasn't waiting around for me to recommend it before taking off. The stock then exploded,going from $25.91 on March 24, to $53.22, where it is now. But no, no, I had to wait for the perfect pitch. That's a double that I missed. CLR just reported a fantastic quarter. Beating by 4 cents with a monster production rate output of what they were going to produce in the future, even though the production this quarter wasn't what I wanted, because of a gas plant outage. CLR expected yearend 2008 production to be up 48% from last year. Like I said before, there are oil and gas stocks with production growth that are also growing the preserves.

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Those are the ones you want. CLR is one of them. I could have given it to you in the 20s. Now it's in the 50s because I was too cute, as many of our female callers acknowledge nightly. That was my biggest mistake. I knew CLR was big, but I thought it was late. I thought I was late. I kept thinking better pitch, better pitch. I never even thought about how much higher it could go and this gets to a fundamental lesson. When you believe something, when you believe in a theory, when you think you're right on a macro, big theory, pull the trigger. Just say okay, we're not going to be pennywise, we're not going to get the perfect pitch. Let's buy some and if it comes down, we buy more. If not, the worst that happens is that we'll make a little money on what we put on.

That, by the way, is investing rule #3 in Jim Cramer's Real Money. If I had followed my own rule, I would have at least mentioned this one to you, and you could've caught a double, even in a small position, instead of missing everything because I was too cautious and wouldn't take the bat off my shoulder. Now CLR is spending more money on drilling, they've bought some land in my favorite area, the Marcellus Shale, which remember the democrats think is a very bad veal dish, but it's a Cramer fave. It just came out with great numbers.

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I hate to recommend a stock at $53.22 that I missed at $25, but the truth is that as long as oil and gas stays strong, this one is going to keep going higher. I missed it once, but I've learned my lesson, I'm a believer. That means that I would buy a teeny weeny position now and wait for a pull back.