What do you do? Alcoa's a call already, by virtue of its $8 stock. Vale can be done in Sept. 15 calls for a couple of bucks and Cliffs October 15s for 6 and change.
Now, I am reluctant to short anything here because the sector rotations are very swift. But a long call/common CLF, Vale, AA, long put Amgen, BMY (preferable the in-the-monies) might be the way to play this next leg.
At the time of original publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long VALE.