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Cramer: What Works, What Doesn't

That means the drives and the flashes and the semis and even stocks like Hewlett-Packard (HPQ) are buys if we get some bad news on Wednesday afternoon. I love the fact that the world seems to be short the drive stocks and the hedge funds despise them. I love it because the drives trade on new construction of drive factories, and there's been a shocking dearth of them. You do not sell these stocks when that is the case because it means that inventory's lean, which is the best time to buy them.

Now what's not worth buying? I think we saw the future with that walloping that the REITs, the utilities and the MLPs had. That was your wake-up call to dump. I like these stocks very much, but the fire drill told you to stay away. Emerging markets will continue to be slaughtered because people never learn. And I believe that the home builders will keep rolling over until we actually see the quarters and we realize they weren't hurt that badly after all.

So, banks and tech work, bond market equivalents and emerging markets don't. That may be all you need to know going into taper time.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long JPM and GS.

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