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TheStreet.com TV Recap: Things Get Tricky

The stock market is going to get "very tricky" now following a much weaker-than-expected jobs report, Jim Cramer said Friday in a Web video on TheStreet.com.

What does that mean for the stocks found in the KBW Bank Index and the Philadelphia Stock Exchange Housing Sector Index? They're going to be toxic, but then the Federal Reserve will cut rates, and investors will have to move into the financials, Cramer said.

For now, though, stay with aerospace and defense, infrastructure, oil and oil services, and parts of agriculture and medical technology, he advised.

"But there's a considerable camp out there that is going to have to say, 'Sell everything,' because this is what happened in 1990," he warned. "We had a credit crunch."

Back then, only about 8% of the market worked, and the rest didn't.

"We won't go through where I think we were a couple weeks ago, but we're going to have a little chaos," he predicted.

As for the jobs report, Cramer said that "a lot of people ... went into this number thinking that the fundamentals were sound, and now they have no clothes. And when you have no clothes, you go inside, and you sell all your stocks."

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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