Buy Freeport-McMoRan

Wednesday, 21 May 2008 | 3:36 PM ET
Stop Trading, Listen to Cramer!
Mad Money host Jim Cramer shares his stock picks with CNBC's Erin Burnett.

Don't blame Ben Bernanke for this tough day in the markets.

"It's not the Fed anymore," Cramer said of Wednesday's 187-point loss in the Dow. "We just need to have oil cool off for a couple days and we would be up."

"If oil were to go up 50 cents a day rather than $5 a day," he continued, "this wouldn't be happening."

But the global outlook is brighter. Investors might worry less about owning a copper stock if they recognized that a booming housing industry in India more than balances out any lack of demand from a struggling California homebuilder.

"We are not the swing factor" anymore, Cramer said of America's once-prominent position in the world economy. "We cannot take into account only the U.S."

Freeport-McMoRan , owned by Cramer's charitable trust, is still the play on copper, he said, with the demand from China seemingly insatiable.

Investors definitely want to steer clear of Thornburg Mortgage , Cramer said: "Stocks don't get under a dollar because you want them there. I would be careful."

Dow Chemical got the nod for its willingness to move much of its business overseas until Washington does its part to make the U.S. a more business-friendly environment.

On days like today, though, gold might be the best play, Cramer said, predicting the precious metal "will work up to $1,000."

But with the usual cast of characters -- Washington Mutual , Citigroup -- in the center of this downturn, Cramer said, investors just "have to let [the market] come in for a couple days."

Jim's charitable trust owns Freeport-McMoRan.

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

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