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Investors who didn’t take profits on Thursday, Cramer said during Stop Trading!, may be gnashing their teeth on Friday. The Dow gained 200 points during yesterday’s trading session only to give back even more today – 233 points with an hour before the closing bell.
The market leaders of tech, the banks and oils seem to have stumbled a bit, Cramer said, so it’s time to reassess our strategies. The stocks from these sectors that were working before aren’t working now. Except for a few, that is, namely Apple [AAPL
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], Google [GOOG
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], BP [BP
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], JPMorgan Chase [JPM
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] and Goldman Sachs [GS
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].
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“It’s time to get more conservative,” Cramer said, declaring again that we’ve seen the market’s highs for the year and telling investors to take profits where they can.
He reiterated his calls on the four defensive plays he recommended during Thursday’s Mad Money: Procter & Gamble [PG
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], General Mills [GIS
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], WellPoint [WLP
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] and McDonald’s [MCD
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]. He expects money to flow out of cyclical stocks like Freeport-McMoRan [FCX
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] and into these so-called safety names.
While Cramer urged caution, he said he thinks the market’s pullback will be constrained by a 7% decline. He saw no reason for investors to cash out completely.
“It’s just not a great time, but that doesn’t mean we have to go in a fallout shelter,” Cramer said. “It’s just, we have to get some umbrellas.”
Cramer's charitable trust owns BP, Goldman Sachs, JPMorgan Chase and Procter & Gamble.
Call Cramer: 1-800-743-CNBC
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