You simply can not be as aggressive now, said Cramer. Watch for a handful of companies to sell off.
CNBC's Simon Hobbs reports on today's trading activity in Europe.
With Greeks already struggling under wage and pension cuts imposed by the foreign lenders, many have been forced to brave the winter cold without heating to escape spiraling fuel prices.
Economic activity in the euro area will remain weak in early 2013 before gradually recovering later in the year, European Central Bank (ECB) President Mario Draghi said on Thursday.
The Bank of England kept its support for the economy steady on Thursday, voting to reinvest 6.6 billion pounds of bond holdings that mature in March and saying it would provide more stimulus if needed.
Mark Carney, the next governor of the Bank of England, said on Thursday any rethink of how British monetary policy is run should be made carefully but changes should be looked at over time.
David Joy, Ameriprise Financial; Ben White, POLITICO; Phil Orlando, Federated Investors, discuss what's causing the market stall, and weigh in on whether stocks are still attractive at these levels.
Credit Suisse will continue to cut costs aggressively as it seeks to keep profits stable in the wake of poor fourth-quarter earnings and a fragile macro-economic environment, CEO Brady Dougan told CNBC Thursday.
Brendan Brown, Head of Economic Research at Mitsubishi UFJ Securities says a short position in the EUR is a good defensive strategy.
Uwe Parpart, Managing Director, Head of Research at Reorient Financial Markets discusses the Europe markets and says the nervousness there is overdrawn.
Whether stocks can break out one way or the other has been the question of the week, and the drama is building.
Philippe Uzan, Chief Investment Officer, Edmond de Rothschild Asset Management explains why he's searching for clues in ECB chief Mario Draghi's comments. He is optimistic that EUR/USD will have a better year in 2013.
Experts fret that the euro's stunning rise against the yen and dollar this year could impede the very recovery it reflects.
CNBC's Simon Hobbs reports on all the market moving events from Europe today.
Incoming Bank of England Governor Mark Carney is set to address policymakers at a U.K. parliamentary committee on Thursday with many expecting sterling to fall as he delivers his dovish policy outlook, but analysts have told CNBC that this could prove to be wrong and the currency could in fact move sharply higher.
Europe suffers the worst consumer confidence levels in the world, according to a survey by market research firm Nielsen which showed that Greek, Hungarian and Portuguese consumers topped the poll of pessimists.
British Prime Minister David Cameron hopes to enlist the support of Germany and other rich north European countries in his fight to freeze EU spending at budget talks this week and is prepared to block a deal unless more savings are found.
CNBC's Kelly Evans has the update on currency rates around the world.
Record high unemployment mean the European Central Bank has scope to lower interest rates in order to weaken the spiraling euro, ING Senior Economist Carsten Brzeski said.
The current scandal surrounding Spanish Prime Minister Mariano Rajoy will not disappear any time soon and investors should expect ongoing volatility, according to the European research team at one of the world's largest banks.