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Cramer's 'Mad Money' Recap: Reality Check (Final)

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NEW YORK (TheStreet) -- "All is not lost," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday after a horrible day for the markets.

Cramer said while the markets keep going down on the same bad news that never seems to go away, much of that news investors should have seen coming.

"There's really nothing new," said Cramer, who noted that the markets have been fluctuating on a slowdown in China, a Japan that is on the mend, falling U.S. home prices, $104 a barrel oil, the Federal Reserve's QE2 program and a litany of other woes for months now. Yet despite all that turmoil, stocks are still just 4% from their highs for the year.

What should investors do on days like today? Cramer said they need to look at what they own and determine if their reasons for owning them have changed. He said while it remains a terrible time to own the banks and the seasonally slow tech stocks continue to struggle, that is not the case for all stocks.

Cramer said stocks like Caterpillar (CAT), a stock which he owns for his charitable trust, Action Alerts PLUS, is still in control of its own destiny, for example. Other Action Alerts PLUS stocks like John Deere (DE), Cummins (CMI) and Apple (AAPL) also remain on Cramer's buy list.

"What if the Chinese slowdown is temporary," asked Cramer? "What if Japan gets back online soon? What if the Greek fix is for real?" If any of this bad news changes, he ventured, days like today will take on a whole new meaning.

Stock quotes in this article: GOOG, YNDX, LLNW, CPO, MCD, PBR, ADM, AIG 

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