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Jim Cramer's 'Stop Trading!': Avoid Financials

 

Steer clear of financial stocks right now, Jim Cramer told viewers of CNBC's "Stop Trading!" segment Wednesday.

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Cramer said he is "consistently concerned about BAC [Bank of America(BAC)]." He predicts it will continue to go lower, and he is "very concerned about this situation."

Continuing on negative news in the financials, Cramer said to "stay away" from the financials. He said that Freddie Mac (FRE) and Fannie Mae (FNM) are "technically insolvent."

Moving on to technology stocks, Cramer advised looking at Cisco Systems (CSCO) because it "took out its low."

Cramer said there is "not a lot of great news in tech," and Oracle (ORCL) has been in a house of pain since reporting its latest quarter. He said that "bottom-fishers in tech are making a big mistake."

Moving on to retail, Cramer said that he liked CVS Caremark (CVS). He said that the company recently boosted its dividend and that competitor Rite-Aid (RAD) "was horrible." Wrapping up the segment, Cramer said that "as Rite-Aid breaks down, CVS is the winner."

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

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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