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NEW YORK (
) -- "Until this market knows what it wants, stocks are going to continue to drift lower," Jim Cramer warned his
TV show viewers Tuesday. He said investors don't even know what to wish for at this point, as he outlined 10 uncertainties in the market.
1. Oil prices. Cramer said the market wants lower oil prices, but only if those prices come from an over supply of oil and not from weaker demand.
2.Earnings estimates. Cramer said the earnings estimates have gotten too high and they need to fall to where they can easily be beaten.
3. U.S. debt downgrade. He said the consensus view is that a downgrade of U.S. debt would be bad, but some in the market now think it would spur genuine reform in Congress and the White House if it occurred.
4. Unemployment. Unemployment may be bad, said Cramer, but some in the markets feel that high unemployment keeps the
and rising interest rates at bay.
5. Chinese hard landing. Cramer said the markets fear that the Chinese will kill their economic growth by raising interest rates too much.
6. Rotation into soft goods. Cramer said there's simply not enough money coming into the markets to send the consumer stocks and the industrial growth names up at the same time.
7. Technicals aren't bad enough. Cramer said the market needs to fall harder in order to get a trampoline effect to the upside.
8. Economy needs more stimulus. We can't afford it, said Cramer, but our economy clearly needs more stimulus to offset the effects of the housing market.
9. Weak dollar. A weak dollar is supposed to be good for the markets, so why have they been falling as the greenback weakens?
10. Too many bulls. Despite all of the weakness in the markets, Cramer said there are still far too many bulls looking for a quick rebound.
Cramer said until at least some of these uncertainties are answered, and the market knows for certain what it wants, stocks are unfortunately doomed to the hot and cold pattern they've been stuck in for what seems like forever.