Cramer's TheStreet.com TV Recap: Retail Rollover

Cramer said he believes that emerging markets have been "uniquely buoyed" by two "equally stupid" forms of money, leveraged hedge funds and retail, which have come in "very aggressively," seen the big returns and thrown money at the markets.

"These are both hot money, and I hate to be where the hot money is, because you make money one day, like today, and then, boom, it's out," Cramer said. "This will cause the reverberations."

There is a trial going on in Colombia, which was on the front page of today's New York Times and could be bad for the government in the country, Cramer went on to say.

Looking at Bancolombia (CIB Quote) up here near $31, Cramer said he would sell it.

Cramer said he wants to be a trader of emerging-markets stocks.

"People don't realize many of those stocks are bought with borrowed money," he said. "You can't get comfortable with those markets, and if you are, you're going to lose money."

When Task commented on how there seems to be a lot of data suggesting that the Fed is not going to ease rates, yet the market is hanging in pretty well, Cramer said there are usually a lot of short-term "gyrations" that take place in the market during the last 10 days of the year.