What to Buy After the Jobs Number

Look, you can't bounce here. No way. The money can't flow out of tech and then flow right back in on the same day. That's where people are fleeing, and that's wrong.

But the flight from the financials? You have to exit them. The Fed won't cut enough to save a bunch of these.

And the homebuilders? Good grief, are they and their hedge fund brethren troubled. No moral hazard here, my friends, just hazards. I think after this jobs number that every model that said we were fine as long as employment's good is now out the window.

The Fed wants most of the reckless homebuilders -- meaning everybody but Toll (TOL - commentary - Cramer's Take) -- out of business. They lent recklessly, and we are still in Puritan Fed mode. What do you want them to do, panic? They aren't about panic. They are about being statesmen! They are as statesmanlike as Hoover was!

If you followed my "no number is a good number" game plan, you are in shape to be able to pick at stocks -- make small buys -- when the market is down more. As I have said many times, you have to pick in the bull markets: ag, defense, oil, infra, minerals. The only thing you don't need to pick, the stuff you can just buy outright, is the complex of

• Pepsi (PEP - commentary - Cramer's Take)
• Coke (KO - commentary - Cramer's Take)
• PG (PG - commentary - Cramer's Take)
• Medco Health (MHS - commentary - Cramer's Take)
• Celgene (CELG - commentary - Cramer's Take)

That's what worked in 1990.

That's what will work now.

Random musings: The "rate cut is embarrassing" camp, has, alas, become embarrassing. The Fed's job is to help provide growth when there is none. That's their job now, for heaven's sake. I like people who do their job. That said, if I were short or if I had a lot of cash, I'd want the Fed to sit on the sidelines and let things play out. I would make a fortune short here if the Fed did nothing. There are a lot of people who now are calling for a cut or saying the Fed is behind the curve. They are the people who are worth opprobrium. I have been consistent on good and bad days. Again, if I were short I would demand a tightening or do nothing. The Fed can't move because it is worried about its stature. Ignore those who say "the Fed's pushing on a string." We are equity people, and the string works big for us after the panickers sell. But let them sell!

At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.

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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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