Even though Alphabet has a solid balance sheet and huge potential with a $73 billion cash position, investors still perceive it as a company that has lost its ability to surprise to the upside on earnings. So, while it is undeniably dominant, there is a belief that its best days are behind it. Investors want to see it do something with its YouTube content.
"I worry something is wrong at Alphabet given that they don't do more with this terrific asset and I can't figure it out. European government investigations? Too much strong dollar downside? It's just not adding up. I think the stock is too cheap to ignore," Cramer said.
Bulls have even more hatred for Apple than Alphabet, Cramer said. Until the stock is downgraded by analysts, there isn't much hope for it. It will require tremendous patience in order for its service revenues to become as important as its phone growth story.
Airlines are also flailing. American Airlines is down 25 percent for the year. United and Delta are down 24 percent.
"Nobody is going to say we have a bull market, let alone a new bull market with those kinds of numbers," Cramer said.
Gilead, which Cramer described as the "eyesore of the market," is down 14 percent for the year. He came to the conclusion that its Hepatitis C franchise has lost its luster, and the company has too much cash that it's doing nothing with. It must do a deal in order to accelerate growth, Cramer said.
Cramer now considers Disney to be the most troubling stock in the market. The cable bundle issue doesn't seem to go away, especially as it is clear that ESPN is slowing. The stock must bounce back to the $100s to display strength.
"These 10 stocks speak volumes about why so many people are skeptical of this move. Sure, we've had our post-Brexit rebound, but it won't really hit home until these 10 stocks get their groove back," Cramer said.