As worry over Japan's stricken nuclear power plant and its effect on companies doing business there led to markets retreating Wednesday, Jim Cramer said on Stop Trading! that there are still some stocks worth watching.
The "Mad Money" host said he's watching and waiting to see how companies that do not have Japanese or Bahranian exposure fare.
"Hey, if they're going to be taken down by this, I'm a buyer of those," he said.
This also is probably the best single moment in history for a lot of drillers and a lot of oil companies, he said. But they can still go lower because people are worried about both Japan and Bahrain, and "that just makes sense right now."
"I think it's entirely possible that a group of people who are worried, and there's certainly reason to worry, have just decided to take aggressive action and there's no one really on the other side. No one wants to be a hero, and you have to be a little heroic to buy here," Cramer said.
That said, and in spite of the markets being down for seven consecutive days, Cramer said he still believes reconstruction of Japan will still be a great stimulus. But news will have to improve before markets do, he said.
"The idea that it's worse than 3 Mile Island but maybe not as [bad] as Chernobyl really doesn't leave us anywhere," Cramer said. "Obviously, when you read stories about people evacuating one of the largest cities in the world that's also not confidence inspiring, so it kind of leads to people saying 'you know what? Let me just wait 'til it's down more and wait 'til the headlines don't sound so grim and then I can do some buying and in the interim I'll do some selling.'"
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