You know you have a strong oil market when Transocean (RIG) makes you more than 10% in an equity offering in no time flat. Last week, this most disgraced and scorned oil service company priced 26 million shares at $40.50, an unthinkable sale, given how much stock RIG has bought back at much higher prices.

Monday, though, Transocean traded as high as $45.50, a remarkable move that shows the power of this rally in oil.

I think it's lasting. Two of my favorites are Clean Harbors (CLH), which is the best fracking clean-up play, and Core Labs (CLB), the quintessential oil technology company whose instruments can tell you what's underneath better than just about anyone’s.

But CLH and CLB are truly the exceptions. The oil service industry index is at $126, down $40 from its high even as oil is very near its high. That's pretty nutty, as these companies are having a terrific time. I am surprised there haven't been more BJ Services/Smith International-like deals given how compelling the long-term stories are turning out to be.

When you get a deal like RIG that's tight as a drum, that tells you there's plenty of oil capital looking for a home.

There are a ton of bargains. Schlumberger (SLB) and Ensco (ESV) are two owned by Action Alerts Plus. But I think any one of these could do well on the next European-related dip. I put that in because we haven't had one of those dips as of late, but when they occur, they are so devastating that you have to be able plug in something you really want at that moment.

I think oil and oil services stocks represent the best buys in this market.

Action Alerts Plus, which Cramer co-manages as a charitable trust, is long SLB and ESV.

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Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for his charitable trust.