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NEW YORK ( TheStreet) -- A lot has gone wrong over the past 36 hours, Jim Cramer admitted to "Mad Money" viewers Tuesday after another down day on Wall Street.
Unfortunately, the market doesn't yet reflect all of that bad news, so be prepared for more selling to come.
There was nothing to like about today's market, which is why the selling is likely not over. Cramer said investors don't know what's going to happen regarding Syria, so they assume the worst and sell on that worry. A conflict in Syria means higher oil prices for an already strapped U.S. consumer.Then there are fears over the U.S. debt ceiling debate. Over the past few years, the market has learned that when the debates heat up in Washington, it's time to start selling on Wall Street. Washington causes nothing but damage to the markets, noted Cramer, but that should be nothing new to savvy investors. Finally, the markets are fretting over the talk of a new Federal Reserve chairman, which only adds more uncertainty to an already uncertain market. All of these factors mean the economy will be slowing, which means stocks need to head lower, he said. Given all that has gone wrong and those things that likely will go wrong, Cramer expects another 3% to 4% selloff in the markets, after which investors should consider buying defensive stocks like domestic oils and Bristol-Myers Squibb (BMY). He said investors need to avoid the bank stocks.