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Cramer: Cyprus Is Outrageous

Stocks in this article: FXE DIA SPY

Debra Borchardt:

Now, they said the parliament has to vote on this. They are delaying the vote. It was supposed to happen over the weekend, then it was going to happen now. Now, I'm hearing it's going to be pushed all the way out until Friday. Ultimately, this has brought us back to Europe. We've kind of pushed that all the way to the back burner for a while. It is now a front burner issue again. Our country is looking at it again. Now, it's roiling our market so at what point are we going to be able to...this has been going on for three years Jim.

Jim Cramer:

The roiling is wrong here. We have to...look...you could have come in very easy today and the market could be down as much as it is. Because we were up, we've been up so much. We were down Friday on a decent employment number. I am horrified that the charts are so straight up because that doesn't work. You can't have what's known as a power ball last too long. I think this is good this sell off. I know no sell off is supposed to be good but we've got to cool this thing. And if we cool because of Cyprus that's fine. I am not worried about our banks. I do worry about their banks, that's why I don't recommend their banks. I think Deutsche Bank (DB), if you had to get in one. I do think Santander (SAN) lower is good.

Debra Borchardt:

All right. You always say there's a bull market somewhere.

Jim Cramer:

Well, I just think there's...as I was going back and forth with my friend Doug Kass, in the end, this has nothing to do with the price to earnings ratio of Bristol Myers.

Debra Borchardt:

Okay. All right. So, right now it sounds like you might be stepping back.

Jim Cramer:

I don't like the market. I said, look I want to avoid this last one to two percent. Too dangerous to get, and until we repeal that one to two percent, I am not going to be able to pick at anything other than those that are down, and that's what we're doing at action alerts.

Debra Borchardt:

All right. So, it sounds like Jim's going to take some time, right now, take a pause, wait until the prices get better.

Jim Cramer:

Yeah.

Debra Borchardt:

Wait until the prices get better.

--Written by Debra Borchardt in New York.



>To contact the writer of this article, click here: Debra Borchardt.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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