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Cramer: Right Now, I'd Just as Soon Be a Seller

In this environment I am supposed to go and buy stocks that every chartist in the book tells me are totally broken, even as the market isn't yet oversold? On top of that, we are heading into the holidays, when there is a dearth of information.

No thanks.

Here are the two weapons I want to deploy against this market. First, I want time -- time to see how things shake out. Why do I have to decide today that this is the place and the moment to make a stand? Why? 'Cause I woke up and the futures were up because of Chinese reserves? This bounce could last 10 days, or it could last five days, or it could last 10 hours or until 2 p.m. EDT, for all I know.

Second, price is my friend. Last night, as I went over the charts, with the help of my colleague and fellow Real Money writer Matt Horween, I found a bunch of health care real estate investment trusts and some office and retail REITs trading at last above 5%. That's intriguing. It's a good place to start. But that's all it is -- a good place to start. I saw many other charts of stocks that seemed to be hanging around waiting for news, but news of what? Nothing I know.

So I would just as soon be a seller as a buyer. That's not encouraging.

The only big thing this market has going for it is that it is down 5% from the highs. That's not insignificant, but it is certainly nothing that says "OK, I have to go buy the market," especially when I am looking for the edge with individual stocks.

So I wait. I have patience. I want my prices. Not their prices. May not get them. In a rising interest rate environment, that's OK. I don't need them. At least not yet.

C'est la vie.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.

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Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

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