The Dow plunged 323 points on Friday as a result of, among other things, a worse-than-expected jobs report. The bellwether average is now down 11% from its high in April. The Nasdaq and S&P 500 have fallen 12% since their recent highs. If this selling pressure continues, Cramer said, there will be an opportunity for "some decent percentage plays" where you can buy stocks at a discount.
The Mad Money host particularly likes accidentally high-yielding stocks, which are offering better returns than bonds right now because interest rates are so low. These are the companies that wouldn’t ordinarily yield at such high levels, but the market has taken the share price down enough to make those payouts attractive. Investors who own them get double the protection: They collect the cash until the market rebounds, then riding the stock back up. And they also get support from new buyers, who flood in because of the yield, putting a floor in the share price.
Among this group of accidental high-yielders, Cramer said he likes EastGroup Properties , a real estate investment trust, and Annaly Mortgage , yielding 5.7% and 15% respectively. With a 5% yield, DuPont is another one of Cramer's faves because of its cost-cutting measures, good balance sheet and great management.
Last night, he identified a group of stocks that would likely go down, but snap back quickly because they have no exposure to Europe or China .Spanning several sectors, Cramer devised the acronym C.A.N.D.I.E.S.: Chipotle , Apple , Netflix , Deckers , Intuitive Surgical , Express Scripts and Salesforce.com .
There are "great stories associated with these stocks, but all stocks are going lower," Cramer said. "And I do mean all stocks."
So how do you play these stocks for the snapback? For some time, Cramer has said the Dow would go to 9,500 if Europe holds and 8,260 if it doesn’t. Today, he wanted to split the difference, telling viewers to pick which number makes more sense to them, depending on how bullish or bearish they are. Then, if they want to buy 10 shares of one of these C.A.N.D.I.E.S., they should spread it out by purchasing just two shares a day, provided each day is lower. If the stock moves higher, though he doubts it will, then that’s just a high-quality problem.
"Leg in slowly," Cramer said, "mindful that we are going lower, not higher, for most of the week" to come.
When this story published, Cramer’s charitable trust owned Apple.
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