The other card players are the ones that recognize they have a not-so-hot diversified hand. They think about the stocks they can throw back into the pile, and look for better ones. This group will tend to toss out industrials, oils and anything connected to machinery.
The key is that this group does not leave the table. They use the weakness caused by investors selling everything in order to pick up high-quality stocks. What are the high-quality stocks to look for in a slowdown?
"How about the companies that can outrun a slowdown, especially one that is exacerbated by the Fed tightening when it is obvious that, despite the strong employment numbers, things are looking real bad in many other areas of the economy," Cramer said.
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One group that emerged as a winner was biotech, with both Biogen and Celgene rallying on Tuesday morning. Netflix and Amazon also rebounded, along with a few of the high growth semiconductors.
However, Cramer warned that there are more bad cards in the deck right now than good ones. If the Fed will indeed tighten, then that means there won't be a recovery in housing stocks. If the airlines go back into price war mode, then there won't be money going into that group, either, and that means investors should not buy more Boeing.
Industrials will have estimates cut, and if Anglo American is laying off 85,000 workers then they won't need more Caterpillar machines.
"Not for one minute am I saying that the entire market can rally off of slow economic growth," Cramer said. (Tweet This)
But there are still a limited group of high cards that are worth picking up, even if they were the stocks sold by investors who just don't understand the game.