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Sell Block

The markets had a huge run, and now we’re paying the piper, Cramer said, referring to the Dow’s 311-point drop Thursday.

Mortgages and corporate credit are hurting a lot of stocks. So if Home Gamers haven’t trimmed their portfolios of anything with exposure to these two areas, Cramer recommends they do so now. There will be no picking among the rubble unless investors sell their shakier stocks, he said.

Here’s Cramer’s three-point plan for selling in the present market:

If a stock needs the Fed to lower rates, you might want to say good-bye to it. Countrywide Financial and any housing company are at the top of this list. The Philadelphia Housing Sector Index is the index to watch, Cramer said, and he doesn’t see a bottom until it hits 150. Any stock on this index should be sold. The same goes for banks and brokers.

Any company that depends too much on the U.S. economy for business and doesn’t have strong international exposure most likely won’t hold up, including retail, Cramer said. Watch out for businesses that could get hurt on a further decline in housing or gross domestic product.

Lastly, corporations or private bankers that need loans to make acquisitions, which is different than financing with cash and stock purchases, should be sold. That means private equity.

Bottom Line: Sell the banks, the brokers, the homebuilders, retail, private equity and stocks that are levered to the domestic economy. Make sure you’re not being a pig. If you haven’t sold anything, you need to start, Cramer said.

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