Cramer's 'Mad Money' Recap: Dec. 23

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"There is nothing so compelling in this market that it must be bought," Jim Cramer told the viewers of his "Mad Money" TV show Tuesday.

"I'm not saying buy, buy, buy, I'm saying wait, wait, wait," he asserted.

Cramer said that he'd love to hear just one money manager or talking head on TV say that now is not a good time to buy. Instead, he said, the airwaves are filled with positive takes and predictions on the market. "This is not a once-in-a-lifetime buying opportunity," he told viewers, "this is a range-bound market."

While all of the "pros" are predicting 2009 to be a banner year for the markets, Cramer took a more pragmatic view. Investors, he said, are not dumb. They've lost money in record amounts and are smart to leave the markets in favor of government bonds.

"It's not reckless to sell when you can't afford the risk," he said. But he said don't expect them to come roaring back because of those losses.

Cramer said that while stocks like Caterpillar (CAT Quote), Nucor (NUE Quote) and U.S. Steel (X Quote) may appear to have bottomed, they likely haven't.

Likewise with Apple (AAPL Quote), said Cramer, a stock which was praised last week for "hanging in there" after the company announced it's pulling out of the MacWorld Expo, only to get pulverized this week. "Every rally is met with a cascade of selling," Cramer said.

In order for the markets to rally, Cramer said they need the financials to rally, something he's just not seen yet. Until he does, he's adopting a wait-and-see approach.

Cramer: Goldman's Insulation Blanket

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