Cramer's 'Mad Money' Recap: Small Worries Plague Market (Final)

Search Jim Cramer's Mad Money trading recommendations using our exclusive Mad Money Stock Screener and watch Jim Cramer's Mad Money Post Game video exclusively on TheStreet.com.

---

NEW YORK (TheStreet) -- "There are a lot of reasons why this market may not be done going down but those reasons aren't the ones you think," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer said it's not the new and existing home sales that we need to worry about, nor is it a slowdown in manufacturing. The truth is, he said, that housing and manufacturing just aren't big parts of our economy any more. What is important, however, is the litany of smaller worries that continue to plague investors.

Cramer once again blamed President Obama's undeclared war on stocks for many of these worries. "Confidence is what leadership is all about," he said, and confidence is what the market is sorely lacking. Cramer cited the following worries.

No. 1. Capital gains taxes. Cramer said no one knows what their tax rate on investments will be next year. Given that uncertainty, it's no wonder investors are locking in profits now.

No. 2. The costs of the new health care reforms. Cramer said no one knows the true cost of health care anymore, and that scares businesses into not hiring.

3. Financial reforms. Cramer said no one knows what the 2,000 page financial reforms will mean for the banks.

4. Housing prices. Cramer said no one knows what their home is worth, especially given the constant expiring and renewing and amending of government programs.

5. Obama's pro-labor agenda. Cramer said no one knows if Obama's card check union plan will resurface, or his cap-and-trade initiatives, or new taxes on overseas earnings.

Cramer said given how much we don't know about the president's plans, the stock market can't rally and could in fact drift down to Dow 9,300. Investors shouldn't be recklessly buying, said Cramer.

Instead, he said that should be buying high quality dividend stocks on the dips, stocks like 3M (MMM) and United Technologies (UTX).