(READ MORE: What Will The Fed Do?)
Whether or not global economics will, in fact, greatly affect corporate profits and in turn, stock prices, Cramer told investors not to give up. Investors should manage their own portfolio of stocks because if they do their homework, he suspects they could beat the index funds of the world.
That said, Cramer recommended investors own select stocks in sectors of the S&P 500 that he thinks could report improved earnings. Here's what made his list.
CVS: "This less economically sensitive retailer is taking it to its biggest competitor, Walgreen, because of a fight that Walgreen got into with Express Scripts, the huge pharmacy benefit manager, a fight, that while settled, has left lots of customers departing permanently for CVS."
Apple: "What can I say other than Apple had a product announcement today, a new phone cycle, that I believe will drive the company's earnings next year regardless of the economic circumstances, that's how meaningful the iPhone is to Apple's bottom line."
(RELATED: Top Apple Derivatives Trades)
JPMorgan Chase: "Given the turn in the mortgage business over here and the lack of losses over there, I'd be hard pressed to believe that JPM's 2013 won't be better than its 2012."
Boeing: "The fiscal cliff can impact Boeing's military business, but Boeing has finally, at long last, gotten the kinks out of its new jumbo jet, the Dreamliner, and this is the mother of all product cycles. Aerospace cycles average seven years in length and we are just going into the first profitable year of the new aircraft.
Schlumberger: "Oil looks like it's at a permanently higher plane and I don't see it going down, especially with the unsettled situation in the Middle East. That means national oil companies and independents alike will be stepping up their global spending for oil exploration and development, particularly offshore, and no company can make more money from that cycle than Schlumberger."
When this story was published, Cramer's charitable trust owned Apple.
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