He noted that industrial stocks, like Cummins and Caterpillar were fairing better than consumer-related names, like Pepsi and Coca-Cola . To Cramer, the strength in industrials bodes well for the market long-term.
“If it was the end of the world then you wouldn’t see CAT flirting with $100 [a share],” he said. “You’d see it flirting with $85, $80.”
Yet this has been a tough market to game lately, Cramer said. He noted that how just a few weeks ago, market action was tied to the FXE , the exchange-traded fund that measures the U.S. dollar against the euro . Since then, things have changed.
“Right now, the only game in town is we need to see some better employment numbers," Cramer said, adding that at this time, home gamers should look at what they own, so they are comfortable if those stocks fall another 5 percent.
Elsewhere in the market, Cramer blamed speculators for the hit the iShares Silver Trust has taken over the last few days.
“This is what happens,” he said, “when you raise the margin requirements for something that people aren’t buying because they use it.”
In other words, it wasn’t jewelers taking up silver index, he said, but those playing with borrowed money. And once margin requirements were raised, those speculators jumped ship.
The same thing could happen to oil when margin requirements are raised, Cramer prophesized. He thinks it could immediately send oil stocks down 10 percent.
When this story was published, Cramer's charitable trust owned Cummins, Caterpillar and Coca Cola.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? firstname.lastname@example.org
Questions, comments, suggestions for the Mad Money website? email@example.com