Remember 'Slowdown'?

You are going to hear one thing loudly today: global slowdown. You don't get a 9% decline in China's market without a clarion call from people saying, "Interest rates in our country are too high."

Throughout this most recent selloff, all we have heard is that the Federal Reserve won't cut because the economy is too strong.

You don't feel that way when you think that the world's most important growth engine, at the margin, China, may be slowing.

Maybe what we have on hand is a mini-May 2006, where the commodities get clocked and we get a quick rotation into the soft-goods stocks. If this is the case, watch Coca-Cola (KO - commentary - Cramer's Take), because this stock has just gotten institutional backing from three separate firms.

Others that should work: Procter & Gamble (PG - commentary - Cramer's Take), AIG (AIG - commentary - Cramer's Take), Johnson & Johnson (JNJ - commentary - Cramer's Take) and Pepsi (PEP - commentary - Cramer's Take) all of which have been totally stalled on fears that the economy is too strong.

Slowdown hasn't been in the vocabulary for a month.

It's back, starting today.

At the time of publication, Cramer was long AIG and Johnson & Johnson.

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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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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