I don't want to give up on Dick's here, I'm a believer, says Jim Cramer

COILED SPRING. DICK'S RAN FROM 102 50 OVER THE COURSE OF THE NEXT 15 MONTHS. IN THE END, AS MUCH AS I DON'T LIKE THE FOOT LOCKER DEAL, I BELIEVE IN DICK'S SPORTING GOODS. THIS COMPANY IS REALLY THE LAST MAN STANDING IN SPORTING GOODS SPACE. WHILE THE NEXT QUARTER OR TWO SEEM LIKE THEY'LL BE TOUGH, THE EXPECTATIONS HAVE NOW BEEN TOTALLY RESET AND THUS THEY SHOULD BE BEATABLE. PLUS, THE INDUSTRY WIDE INVENTORY GLUT THAT RUINED THIS QUARTER IS LIKELY TO BE CLEARED BY THE TIME NEXT YEAR'S ROLLS AROUND. BUT NIKE'S INVENTORY CLEANUP TOOK A VERY LONG TIME. LET ME GIVE YOU THE BOTTOM LINE, BECAUSE YOU'RE PROBABLY TEMPTED TO BUY IT. DICK'S SPORTING GOODS TURNED IN A TERRIBLE QUARTER THAT LED THE STOCK TO ITS WORST ONE DAY DECLINE EVER. GIVEN THE SCALE OF THE MISS AND THE GUIDANCE CUT, I DON'T BLAME ANYONE FOR GETTING OUT OF DODGE. STILL, I DON'T WANT TO GIVE UP ON DICK'S SPORTING GOODS AT THESE LEVELS IN THE LONG RUN. CALL ME A BELIEVER, BECAUSE THIS IS THE ONLY REMAINING SPORTING GOODS RETAILER WITH GENUINE SCALE IN THIS COUNTRY, EVEN IF IT'S ALSO JOINED AT THE HIP WAS STRUGGLING FOOT LOCKER. I MEAN, THEY ALWAYS CLOSE IT. IT JUST MIGHT TAKE A FEW MONTHS BEFORE THE SPORTING GOODS, FOOTWEAR AND APPAREL SPACE CLEARS THAT EXCESS INVENTORY AND STARTS BOUNCING BACK. USUALLY IT CAN'T BE DONE IN A SINGLE QUARTER, THOUGH. NOW IF YOU DON'T OWN DICK'S, YOU DODGED A BULLET TODAY, BUT BASED ON THE LAST TIME THE STOCK FELL APART, YOU MIGHT WANT TO BE A BUYER OVER THE NEXT COUPLE OF MONTHS BECAUSE THIS COMPANY HAS HAD A HISTORY OF COMING BACK FROM THE DEBT. MANAGEMENT WILL PIVOT, DICK'S WILL BE ADDRESSED. THEY WILL THEY WILL TAKE A HARD LOOK AT FOOT LOCKER. ITS HUGE DROP LIKE THIS. THERE TENDS TO BE STILL ONE MORE DAY WHEN ANALYSTS CUT THEIR RATINGS. THAT SHOULD BE TOMORROW. I EXPECT THAT BY MONDAY WE COULD SEE A BOTTOM AS ALL THE BIG ACCOUNTS WOULD HAVE FLED. AFTER THAT, YOU JUST HAVE TO HOLD IT UNTIL THE STORY COMES TOGETHER, WHICH I EXPECT WILL HAPPEN IN