A Working Strategy for a 'Crash' Day

Coordinated global efforts on the way? European central bank cuts? Some communiqué worldwide?

A grudging recognition that we might be ahead of the Europeans and Asians in this downturn, and many of our stocks have attractive yields that they can pay?

Or is it just early?

I have been watching a number of companies trade down to cash value. I have also seen a number of "safe" yielders so exceed the price of 3.5%-and-change Treasuries that I think people are making stands.

I also feel that Thursday's rally brought some breathing room, and we may not have as much selling, as the fund-of-funds guys liked what they saw at the bell. Yes, they are that mercurial.

Either way, I am tired of hearing they can rally. They can always rally. The takeaway of a day like today, though, once again, is be a buyer and investor in the Enterprise Products Partners-type stocks (EPD - commentary - Cramer's Take) , and trade into the Chevron-type stocks (CVX - commentary - Cramer's Take) when they yield four, and flip 'em up five.

These are working strategies for these "crash" days.

They aren't foolproof, but I am sticking with them.

At the time of publication, Cramer was long Chevron, although positions may change at any time.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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