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Cautionary Notes; Reading This Fed: Jim Cramer's Best Blogs

It's helpful in moments like this to remind people that you want to buy companies that aren't affected by this vortex, companies like the big industrial enterprises that the Fed does not control with its tapering. You want to buy stocks like United Technologies (UTX - Get Report), 3M (MMM - Get Report) and Emerson Electric (EMR), which are levered to a turn in Europe and newfound strength in China. Or stocks like Boeing (BA - Get Report) and Honeywell (HON - Get Report), which are levered to aerospace, which, again, has nothing to do with the Fed. Only buy the Fed-related stocks if you are certain they will blow away numbers here and now because no, the market will not look through earnings. It will sell off disappointers, as it always does.

In the end, accept that when the market's truly surprised by an act of the Fed, many people reverse field, many people make mistakes and many people have no idea, but they take action anyway.

Relax, take a breath and recognize that if you knew a company was doing poorly now it won't be saved by the Fed when it reports. After yesterday's big run, they are sells.

But the ones that are doing well? If they are down because of this silly rotation, those are the ones to buy.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long HON.

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