Cramer: How to Ride Out the Weakness

(Click for video linked to a searchable transcript of this Mad Money segment)

"I'm not crazy about thestock market," Cramer said.

"We have raised the cash position in my charitable trust," revealed the Mad Money host on Wednesday's broadcast.

Largely Cramer thinks concerns about theimpact of higher interest rates are nearing a boiling point, with not only Wall Street expressing concerns but also mainstream newspapers such as the New York Times raising red flags.

"That's not reassuring. It's frightening," Cramer said.

And it's hardly the only bearish sign in the market. One day earlier, Cramer profiled technical analysis which showed patterns emerging in the Vix that were extremely similar to patterns made in 2011 and 2010 right before a 15% sell-off.

Because of these and other developments, "It's become impossible for me to be as bullish as I was. The market's colors are changing," Cramer said.

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And in light of this material change, Cramer thinks the way in which investors buy and sell stocks needs to change too.

"Raising cash into the brief rallies like we had Wednesday morning is the right thing to do," Cramer said. "And get a little defensive." (In the past Cramer has cited General Mills and Bristol-Myers as two stocks that attract buyers when pros fear 'the world is coming to an end.')

However, Cramer also advocates patience. Because in both 2011 and 2010, after the sell-off, smart investors hit the buy button.

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Commentary from JPMorgan CEO Jamie Dimon who spoke this week at the Morgan Stanley Financials Conference seems to support Cramer's long-term outlook.

Dimon spoke of strength across the corporate world as well as a relatively healthy consumer and improving housing market.

In that kind of positive macro-environment Cramer just can't get too bearish. "Now make no mistake, I think the market's shaky here," he said. "But if you raise a little cash, show a little patience and get a little defensive I think you'll be able to ride this one out without too much damage."

Call Cramer: 1-800-743-CNBC

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