He told investors they need to keep their cash ready and ask themselves which stocks will rebound first when the drag from Europe finally ends.Cramer said he never expected to open his show talking about Spanish bond auctions, but that's exactly what drove our markets lower today. He said that nothing else seemed to matter today, which makes many investors wonder if it's stupid to own anything at all in such a topsy-turvy market. But Cramer said that since today's Spanish bond action was one of many that the European countries will have to have in the coming months, investors need to be prepared for others to go as badly. He said that no one wants to own these bonds, not even the special funds that were created for that express purpose. Here at home, Cramer said there was a lot of good news, including healthy retail sales and lower jobless numbers. He said there was a strong secondary offering from Linkedin (LNKD) and the IPO of Angie's List ( ANGI) also went well. But none of those positives, he said, could hold a candle to Spain. Making matters worse, the congressional supercommittee is hopelessly deadlocked and protests continue on Wall Street and throughout the country. Cramer told investors to stay out of the line of fire, which means owning no bank stocks. He told them they can raise cash by buying on any dips. "In the short term, everything is going lower," Cramer told viewers, "the question is which ones don't deserve to go lower and which ones will bounce back first."
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