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TheStreet Open House

Cramer's 'Mad Money' Recap: For Now, the Bears Win

Stock quotes in this article: BA, UTX, VZ, MSFT, NOK, HON, SBUX, DIS, MMM, HTZ, F, BTU, WPRT, JOY, AAPL, ISIS

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NEW YORK ( TheStreet) -- There are a ton of things to like about this market, but for now the bears win, Jim Cramer admitted to his "Mad Money" TV show viewers Tuesday.

Cramer said the markets have become a battleground. With Congress heading back into session, investors should be prepared for the worst.

Those buying into the markets at these levels are expecting too much, said Cramer, as it's impossible to get a perfect world with low interest rates and cheap stocks, along with a pro-American Syria and a pro-jobs Congress. "Dream on," he quipped. Instead, he expects a mixed market, with many things to like and many things to fear.

In the good news camp, Cramer said interest rate increases are slowing to a pace the markets can surely handle, and both Europe and China are slowing recovering and helping the global economy. Big deals like Verizon's (VZ) reclaiming of its wireless business will continue to act as one-company stimulus plans will also help buoy skittish markets.

But on the bad news side there is uncertainty in Syria as well as uncertainty over the next Federal Reserve chairman. Investors continue to fret over a possible government shutdown and fears of a slowdown in both housing and retail as interest rates continue to rise. Add that to the overall jitters over the months of September and October and it's no surprise the bears will likely be in control for the weeks to come.

How should investors play the malaise? Cramer said he'd be a seller into the morning rallies and use those proceeds to raise cash, play it cautious and be prepared for Congress to once again take center stage.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Carly Garner over the chart of direction of oil and gold, two commodities that have been on the rise on the heels of increased fears over Syria. According to Garner, these two commodities need to be treated very differently.

Looking at a weekly chart of gold along side of the Commitment of Traders report from the U.S. Commodity Futures Trading Commission, Garner noted traders have been largely liquidating their positions in gold for most of 2013, but have only begun rebuilding those positions over the past few weeks as Syria took center stage. She said this trend may be far from over during the seasonally strong season for gold, which would make her a buyer into any weakness.

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