"Spending on technology is declining rather dramatically this quarter," Cramer said. "And in this environment a tech stock can't have a big run."
Cramer said he likes Gary Smith, CEO and president of Ciena, but he said this is not a good month for tech spending and that could affect Ciena. "Sell it now and buy it back on Monday or Tuesday," he said.
With Ciena off the table, Cramer said he likes handset manufacturer Nokia. "Ciena's off and it is a great opportunity to buy something else," Cramer said.On Fannie Mae (FNM) and Freddie Mac (FRE), Cramer called for U.S. Treasury Secretary Henry Paulson to reassure investors by saying that the guarantee behind the agency paper is more than implicit. "They are saying nothing, which is just making people frightened and scared," Cramer. "They are really quiet and that is just killing people." Cramer also said that Paulson has not offered any "creative solutions." "We talk about Brazil and even Mexican paper being better all the time," said Cramer. "And what has Paulson said? All he says is I am a seasoned player." "It's time to get serious," said Cramer.