Dropping Like a BRIC

Brazil, Russia, India and China are nothing but a brick around the market’s neck right now, Cramer said during Thursday’s Mad Money.

These countries just aren’t consuming commodities the way they once did. Oil, coal, steel, fertilizer – they’re all piling up in their respective storehouses. As a result, the stocks tied to these commodities, whether they be producers, transporters or exporters, are hurting, and the commodity prices themselves are dropping.

Rails like CSX and Burlington Northern are down, slipping $5 and $6, respectively, today. Exporters like Honeywell , United Technologies, Ingersoll-Rand and Emerson were in the red when the closing bell rang. And it doesn’t help that some of the biggest shareholders in these stocks are hedge funds desperate to raise money to meet client redemptions. That’s only accelerating the fall.

So it doesn’t really matter for these companies what kind of relief bill Congress passes. And with so much of the market exposed to BRIC, what happens overseas is actually more important than what goes down in Washington.

One development that’s good for U.S. companies is that consumer goods have gotten a foothold in BRIC countries. They like General Mills cereals, and Colgate’s toothpaste. Even Heinz ketchup.

The commodity plays, though, just won’t bottom. And Cramer attributes that to a string of now largely discredited buybacks. Companies like Transocean and Schlumberger can’t buy back enough stock to protect their shareholders. Plus, Cramer said, these companies are too shell-shocked to consolidate, so they’re dropping in value at an alarming rate.

So until this trend changes, Cramer said, he’s not recommending any commodity-related stock. The defensive food and soft good companies seem to be working internationally, but the BRIC plays definitely are not.

Jim's charitable trust owns General Mills.

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