It Ain't the End of the World

The negative email, the despair mail, the incredible belief that the world has come to an end courtesy of President Obama and Nancy Pelosi, the nightmare vision -- it is all upon us.

Forgive me, but I wish it were more in focus. I see some stocks that have come down so much that I want to jump up and down and get 'em.

Sure Boeing (BA - commentary - Trade Now) is a major blow and one I didn't see coming. This is an extraordinary failure from a once-great company -- I have to use that term because something's very, very wrong at that company. Boeing's the reason why the Dow isn't up big and it could be skewing a lot of peoples' views about the S&P 500.

But it should not be skewing your view of the overall market -- particularly the banks, which have come down so much ahead of what I think are going to be great quarters that I caution people against overreacting negatively. It is worth remembering that we had the same negative assault at the end of May that we are having now and we got a terrific rally.

I would urge people to recognize that Wells Fargo (WFC - commentary - Trade Now) and Bank of America (BAC - commentary - Trade Now) have really come down hard and make so much sense to buy here. I defer to Doug Kass who has been right and is buying them like mad along with the insurers, which I pushed last night on my show.

I am not worried about the industrials -- they should have sold off with no uptick at all because many such as Emerson Electric (EMR - commentary - Trade Now) and Honeywell (HON - commentary - Trade Now) are now going to be accidental high-yielders. I am not worried about tech, which is coming back courtesy of China -- still undeniable except the government has to build more infrastructure before the next wave of 3G phone-buying. I have already indicated that I am spooked by the oil and discretionary spend plays, which are so counterintuitive that I have no idea how to play them.

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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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