Stop Trading!: As Goes Apple...

The Dow was down about 255 points with an hour left in trading, but Cramer wasn’t surprised. He’d urged viewers during Monday’s Mad Money to sell into any strength today. All that plan between Washington and major U.S. banks did was take another Great Depression off the table, he said. Companies will still struggle to make earnings, and home prices will still depreciate. So we’re not out of this mess yet.

One thing Cramer said he noticed is that the market seems to be following Apple. Steve Jobs Tuesday announced a new sub-$1,000 MacBook laptop, and AAPL has been dropping ever since. So too has the market.

Apple looks like “the only beacon in the market,” Cramer said, but “there’s got to be a little more to it.”

Lastly, Cramer said any industrial company with a strong balance sheet might be on the hunt for acquisitions now that banks will lend again. Names like Ingersoll-Rand and Emerson are too cheap right now, making them likely targets for Eaton, SPX and others. A name like Ingersoll might work for investors, too. That company reported disappointing earnings and lowered estimates, but still the stock is down only about 50 cents. A stronger company in another sector, Cramer said, might have dropped lower.

“So perhaps industrials represent some value,” he said.

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