Erin Burnett and Jim Cramer started Tuesday's "Stop Trading!" on CNBC by discussing the newly released FDIC list of 117 financial institutions having problems.
Since it's a list of numbers and doesn't mention the names of the banks, Cramer offered his own list of banking institutions that he thinks could follow in the footsteps of IndyMac (IDMC). The banks he fears are in deep financial trouble are Downey Financial (DSL), Corus Bankshares (CORS) and BankUnited Financial (BKUNA).
Each of these banks, he said, "is going to swear up and down that they're in good shape," but he's "just looking at nonperformers" and finding the banks that "look like Indymac." So when they inevitably come after him and say it's his fault, he's going to say, "'Guys, you are fabulous! You're simply fabulous!'"
Moving on, Cramer said that "people want to play the hurricane." But he said he thinks it's too risky, because there is a possibility that Huricane Gustav might not hit the Gulf Coast. Instead, he suggests that investors consider buying Halliburton (HAL - Get Report) and Nabors Industries (NBR - Get Report).If you take a look at what the XTO Energys (XTO) and the Anadarkos (APC - Get Report) are doing, Cramer said, you'll "realize that there is a tremendous amount of oil service business." He said it's difficult to say which is a better stock to own, Halliburton or Nabors, but in the end he thinks they both are Buys.