Cramer's 'Mad Money' Recap: Welcome to No-Man's Land (Final)

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NEW YORK (TheStreet) -- "This market is absolutely brutal," Jim Cramer told the viewers of his "Mad Money" TV show Thursday. "But the worst part," he continued, "is that we're still not down enough to get bullish."

Cramer depicted the stock market as being in "no man's land," down just 10% from its highs. He said so far, the market is having just a run-of-the-mill correction, which leaves investors only one real option: to wait.

Cramer said until fears that companies, and possibly countries, in Europe are going insolvent come to an end, the only option is to wait for the bad news to pass, or for something really bad to happen to finally put an end to the pessimism.

Cramer noted that all of the market's former leaders, oils, banks and tech, are no longer leading, letting the markets drift even further into the abyss. Even the red hot tech sector, he said, is getting hammered, especially on the heels of lower guidance from Dell (DELL) and Salesforce.com (CRM).

Cramer then highlighted 3M (MMM), a company that recently delivered an upbeat quarter. Cramer said that he wouldn't be a buyer of 3M, with a yield of 2.6%. He said trading at 14 times earnings with a growth rate of 12% just isn't compelling enough, especially factoring in fears that the estimates might be too high if Europe slumps. Cramer said that he wouldn't buy 3M until its yield gets high, over 4%, or the stock trades below its growth rate of 12%.

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"When does the selling stop," asked Cramer? Only when the fear subsides or something bad happens to bring these worries to an abrupt end.

Sell Block

In the Thursday "Sell Block" segment, Cramer told viewers that when nations worldwide are strapped for cash, the risks for stocks increase significantly. He said that any stock that relies on subsidies, or can get taxed easily, are now in danger.

Cramer said the obvious examples are the solar stocks, which are largely dependent on government subsidies, most of which will be sliced or vanish completely as states and the federal government tighten their belts. Cramer said he's a seller of stocks like Trina Solar (TSL), Suntech Power (STP) and First Solar (FSLR).