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. > > Bull or Bear? Vote in Our Poll 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV