Jim Cramer Advises Viewers On Petrobras, Nike & Enbridge Energy Partners

Speaking on CNBC's Fast Money, Jim Cramer said Petroleo Brasileiro Petrobras SA (ADR) PBR is trading too low and it should not be sold.

Traders who sell at these levels, he said, could regret that they didn't wait longer.

Cramer also thinks traders should not get too bullish on Nike Inc NKE because it is not just the U.S. play. It is also a China and Western Europe play.

He thinks it is a great company, but he's a little concerned because Foot Locker, Inc. FL was downgraded last week.

The pipelines are better than people think, said Cramer. He believes the best stocks in the space have bottomed. He also thinks Enbridge Energy Partners, L.P. EEP is one of the best.

But if oil goes to $30, he warned, all bets are off.