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Cramer's 'Mad Money' Recap: Dicey Market (Final)

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NEW YORK ( TheStreet) -- With markets down 3% from their highs, Jim Cramer told his "Mad Money" TV show viewers on Tuesday that it's all right to take some profits, trim back some positions and wait for signs that the markets are improving before buying in.

He said that the markets have changed for the worse since last week and investors need to adjust accordingly.

Cramer said he had no idea last week that tensions with Iran could worsen, Greece could inch even closer to default and China could slow down even more, but indeed, all three of these events have happened.

Cramer said he's now more skeptical of a peaceful solution between Iran and Israel, and that could send oil prices to all-time highs and dent corporate earnings. He said the markets aren't equipped for a full-on gas crisis.

Then there's Greece, an issue we thought was put to rest, but is once again back on the table. Cramer called the situation "pathetic" and said investors need to watch gold prices, via the SPDR Gold Shares (GLD), and the Currency Shares Euro Trust (FXE), to quantify the effects of the lingering debt crisis on U.S. stocks.

Finally, there's China. Cramer said he still thinks China's economy is slowing, not crashing, but with emerging markets across the board feeling headwinds, investors need to keep a close eye abroad.

All of these things should just cause a market pause, or even a modest reversal, said Cramer, but if any of the three take a turn for the worse, then stocks will quickly become more expensive than we previously thought. That's why he advised raising cash and waiting for a better entry point.
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