Bracing for a Correction

Time frames matter. I do not like the market right now. I wanted to see lower jobless claims. I didn't care for that number. We need jobs to be created, and we need to see the impediments to them, particularly those from Congress, quashed.

I wanted to see better existing-home sales. These weren't so hot. They weren't terrible, but we need to see continued house-price stabilization, and we saw it on the low end but not the higher.

I did not want to see a rotation into safety, but you can tell that's going on right now. The only strength is in defense.

I don't like it when oil get clocked, because the market doesn't like it. Same with copper. These are sensitive, and they are signaling a cessation of demand for the moment.

I hated that I heard someone on TV say yesterday that Dow 10,000 was a foregone conclusion. I wanted to reach for the sell button, if not the mute button, the moment I heard it.

I can't stand bonds here and think they are dangerous, and I don't care that the seven-year went well today.

I think we are dangerously overbought still, and there are too many bulls. The stocks look overextended.

I don't like the calendar right now -- I mean the calendar I wrote about last night having to do with the Yom Kippur holiday on Monday. Too easy to lock in gains that could be given back in a heartbeat, as we saw in yesterday's horrid close.

And I am doing some big selling on Action Alerts PLUS to get in shape for the 3%-5% correction from the peak that I am looking for. I am taking action.

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Jim Cramer is co-founder and chairman 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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