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Buy Freeport-McMoRan

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

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  • Jim Cramer

    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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