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."