Cramers' 'Stop Trading': Citi, Wynn, MGM

NEW YORK (TheStreet) -- Jim Cramer says the debt crisis of Dubai World is being shrugged off by the markets today, as few U.S. businesses are really involved.

One of the only banks to really have a piece of Dubai World's business, Cramer said during his Stop Trading segment on CNBC, is Citigroup(C Quote). "Europeans really owned the market, specifically Royal Bank of Scotland," Cramer said. "There just wasn't a lot to be had by U.S. banks."

One of the companies that is entangled in the saga is MGM Mirage. Dubai World owns about 6% of the company and is a 50% owner of the casino operator's $8.5 billion CityCenter development, which is slated to open this week.

As a stock trade, Cramer says to avoid MGM and pick up rival Wynn Resorts(WYNN Quote) instead. "Wynn is the play; it has Macau and a better balance sheet. If MGM is actually successful, more people will be going to Wynn," he said.

Cramer is also looking to steel, an industry Goldman Sachs says has bottomed. His pick in the sector in Steel Dynamics(STLD Quote).

State Street(STT Quote) is also up, Cramer said, after it announced that it is expanding its business with Morgan Stanley(MS Quote).

-- Reported by Jeanine Poggi in New York

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