Dealing With a Decimated Dow

When the Dow drops 358 points, there probably isn’t an investment in any portfolio that’s working – except for gold, maybe.

Nike , which Cramer called the best consumer products company out there, and Research in Motion , the best story in tech, are both down big Thursday. So forget about the banks, retailers, airlines and industrials. Boeing, Citigroup, General Motors, Honeywell – none of them can be touched.

Cramer recommended circling the wagons around minerals, oil and gas and agriculture stocks. Gold, too. Of course, even these names – ConocoPhillips, Vale and Potash, to name a few – went down today. But that’s an opportunity, he said, not a reason to run.

Cramer’s other suggestion: Raise cash. Sell stocks if you have to. He said this sell-off probably isn’t over, so take profits and wait for a better entry point.

When the market finally bounces back, what’s the first to rally? Recession stocks, China-related commodities and commodities in short supply. Chesapeake Energy for natural gas, Schlumberger for oil service, Heinz and GlaxoSmithKlein , Cramer said.

“When we do get the light at the end of the tunnel – and I do not believe it’s a train coming at us,” he said, “those stocks will recover first.”

Jim's charitable trust owns ConocoPhillips.

Questions for Cramer?

Questions, comments, suggestions for the Mad Money website?