We Can Go Lower

I am done saying which banks will go under. I am now simply looking at the tape, and the ones that are down a lot on a percentage basis are now the ones that are next. The tape has been telling you the truth all the way down since the Washington Mutual (WM - commentary - Cramer's Take) seizing, and I don't think it can be bucked anymore.

What we need now, quickly, is to get the FDIC engaged to insure more than $1 million for individuals and much larger for corporations. We need to set up a superbank holding company for the assets through the FDIC, because we aren't going to get it through Congress. And then we will just suffer the consequences.

Yep, it is that bad.

No doubt there are a large number of stocks out there that make sense to own, but given the nature of the end of the quarter and the hedge fund panic we cannot trust these prices to do anything other than small trades.

This is the real-deal selloff, and it has to be obeyed.

I always want to see the silver lining, know the case that can be made to buy.

I only see this: We can go lower. When I put my price target together for no plan, I did it with individual stocks from the bottom up. I did it so when we got into the heat of the battle I would know where stocks could go.

You can certainly pick small on the way down, but I think we have to wait to see what happens overseas, see what happens with the redemptions, and see what happens with the banks that the tape is saying will collapse in a matter of days without hope of rescue, IndyMac-like, not like Wachovia (WB - commentary - Cramer's Take).

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

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