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NEW YORK ( TheStreet) -- It's never too late to be more diversified, Jim Cramer told his "Mad Money" TV show viewers Wednesday as the markets seemed to turn on a dime, liking the stocks it previously hated while falling head over heels for the laggards it eschewed just a few days ago.
Cramer said the parts of the three-legged stool of the U.S., Europe and China are all showing signs of weakness. While he doesn't think we're headed towards another global recession, the weakness is causing investors to think twice about which stocks they own.
That's why the red-hot oil stocks have cooled and why some technology stocks such as Altera (ALTR) have been offering up disappointments. Earnings from Caterpillar (CAT) were a disaster, noted Cramer, but that doesn't mean there aren't stocks that are working.With commodity prices falling, companies that use commodities are coming back into favor. That means packaged goods companies such as Coca-Cola (KO) and Hain Celestial (HAIN) are good bets, along with secular growth names like Google (GOOG) and Apple (AAPL), a stock Cramer owns for his charitable trust,