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NEW YORK (
TheStreet) -- "We've lost the bright spot in our economy," Jim Cramer told the viewers of his "Mad Money" TV show Friday as reflected on today's unemployment number and the abysmal market action that followed.
Cramer said these markets warrant extreme caution, as positive U.S. economic news has been the only thing to counter the flurry of bad news emanating from Europe. With that positive news hitting a speed bump today, Cramer said the European contagion will continue to take our markets lower.
Making matters worse, Cramer said there's no new U.S. economic data on the horizon, creating a news vacuum that will make news from Europe seem even worse.
Cramer said he'd love to recommend
Ciena(CIEN) ahead of their earnings next week, and would love to get in on
Pep Boys(PBY) after
AutoZone(AZO) reported great numbers this week. But, he said, the reality is that Europe trumps everything.
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Instead, Cramer said he'll be focusing on the sovereign debt offerings from Portugal and Spain and the continued slide of the euro towards his $117 price target and probably even below. He told investors to stick with the most defensive strategy they can, by investing in high yielding dividend stocks, adding in a little gold and diversification.