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Both Caterpillar and Google missed their quarters, but Cramer isn’t ready to give up on them yet.

Aside of minor issues having to do with truck timing and supply chains, Cramer blamed most of Caterpillar’s poor performance on the struggling housing market.

“When the smoke clears, CAT is still $80 going to $120,” Cramer said, referring to his theory on large-cap stocks in a bull market. “This was a pit stop. It was a speed bump. I’m not concerned.”

CAT is a buy if it dips below $80, Cramer said, and he doesn’t recommend selling if investors already have a position in the stock.

As for Google , “this company is not thinking about 2007” so much as “world domination in 2010,” Cramer said. And while that might make it hard on fund managers, he’s willing to give Google the benefit of the doubt.

“These are stocks that now are going to bide their time,” Cramer said. “I wouldn’t sell either of them.”

There’s a significant amount of call buying in Clorox , much as there was before the Dow Jones and First Data buyout offers. Cramer felt he had to warn investors.

“If you’re buying it for a takeout, you’re really just betting that someone has inside information, and I wish there was more to it,” he said.

Jim’s charitable trust owns Caterpillar and Clorox.

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    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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