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TheStreet.com TV Recap: Play It Safe

TheStreet.com Staff

"Money is not coming out of the market," it's just being rotated, Jim Cramer said on TheStreet.com TV's Wall Street Confidential Webcast Tuesday.

Money is shifting from the emerging markets to the Cokes (KO Quote) and Pepsis (PEP Quote), he told Gregg Greenberg, the host of Wall Street Confidential.

People just want to be on whatever table is hot, Cramer said. Recently, the Chinese and Brazilian tables have been hot, "but most people don't know anything about these companies or these countries," Cramer continued. "It's unnerving to see how much China can unwind."

People believed these stocks would ramp after the Chinese New Year, but they didn't, he said.

"If you own any China, even though it is down really huge, it is not too late to sell," Cramer stressed. "I would sell anything Chinese today."

What's happening, he said, "is a thesis that we're going to go from 4% to 1% GDP and subprime buttresses that thesis." Therefore, market-players should buy Coke, which was just upgraded by three analysts; Pepsi, which had a good quarter; Procter & Gamble (PG Quote), which "has been biding time"; or Kimberly-Clark (KMB Quote), which just boosted its dividend, Cramer said.

People need to understand this is not the end of the market, but another shift of the bull market to the Cokes and the Pepsis, he said.

Regarding tech, Cramer believes it's "no good." While Cisco (CSCO Quote) at $25 and Microsoft (MSFT Quote) at $27 are "real good," tech in general is "wrong" and will not be good until the summer, he said.

Yahoo! (YHOO Quote), which Cramer owns for his charitable trust, is up because Legg Mason (LM Quote) is buying it, he said.

eBay (EBAY Quote) is going to be up because it is buying back more stock than Cramer said he's seen, other than IAC/Interactive (IACI Quote), "which is also going to be up."

If people don't like the market, they should sell it, and if they do like the market, they should buy the soft goods stocks, Cramer said. But investors should not be scared, otherwise they're going to miss the Kellogg, (K Quote) General Mills (GIS Quote) and Pepsi moves up, he said.