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NEW YORK (TheStreet) -- The markets are turning into Russia and China against the rest of the world, Jim Cramer told his "Mad Money" viewers Thursday after another vicious selloff.
Cramer said that today is likely only the first day of the offensive against our markets, but in the end we'll likely be OK.
Cramer attributed 50% of Thursday's market decline to Russia and the ongoing crisis in Ukraine. He said the Europeans won't repeat history, which means the war of words will only heat up going into the weekend.
The other 50% of the market's decline rests squarely with China, said Cramer, as hedge fund managers seem to be selling on every negative data point that stems from that slowing economy.Where does that leave the U.S.? Cramer said today was a new vacuum for U.S. stocks, with perhaps the exception of the stellar quarter posted by Williams-Sonoma (WSM), which rose nearly 10%. Cramer said that eventually it will be safe to buy the high-yielding utilities like ConEd (ED), Dominion (D) and American Electric Power (AEP), but not quite yet. There will likely be more selling going into the weekend, Cramer noted, but in the end the possibility of World War III remains unlikely.