Stocks dropped into negative territory for the year on Wednesday, as investors worried about Japan's nuclear crisis and geopolitical unrest in Bahrain, as well. Being as these are ongoing issues, Cramer said investors can expect to hear about these negative news stories for a long time.
Eventually the focus in Japan will move from radiation to reconstruction, though. From a financial perspective, Cramer thinks the rebuilding of Japan is a positive for the world economy. Saudi action in Bahrain — like it or not — is decisive and gives the region stability, he added.
So what should you own now? Cramer said a lot of stocks are being traded lower, even though the companies have nothing to do with Japan or the Middle East. Some, like technology names, are too difficult to bank on. Others are worth owning, including phone companies Verizon Communications and CenturyLink . He also likes utilities Consolidated Edison , Kinder Morgan Energy Partners and Ferrellgas Partners . All of these stocks, Cramer said, sport large dividends and no exposure to Japan or the Middle East.
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