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NEW YORK (TheStreet) -- It's the first crisis of the year and the markets are handling it terribly, Jim Cramer told his "Mad Money" viewers Thursday. But with things in the U.S. better than they've been in ages, investors should be looking at the market declines as "game on," not "game over."
Cramer said there's no use fighting the first wave of panic that's stemming from the possibility of a regional Chinese bank default. The markets will respond, as they always do, by selling the S&P 500 futures, which in turn will take our entire markets lower. But while others panic, savvy investors should be buying up great stocks on the cheap, said Cramer.
Problems in China don't translate to the strength of the U.S. housing market, Cramer noted, nor the revolution in American oil and gas or big pharma. Cramer said Unilever (UL) just posted a terrific quarter and he still likes Mondelez (MDLZ) and Bristol-Myers Squibb (BMY).Restaurants like Wendy's (WEN) remain attractive, as do stocks with big yields like Linn Energy (LINE). Cramer also gave the nod to anything social, mobile or dealing with the cloud, and even cult stocks like Tesla Motors (TSLA) and Amazon.com (AMZN). All of these names are only getting cheaper, Cramer concluded, so investors should be ready as the selling continues tomorrow.