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NEW YORK (TheStreet) -- Stop, wait and don't rush to buy on the weakness created by today's airline tragedy, Jim Cramer warned his Mad Money viewers Thursday. Cramer said patience is warranted in situations like these as we simply don't know any of the facts.
Cramer called the downing of a Malaysian airliner a tragedy and a horrible loss of life, adding that those who would buy stocks on the market's weakness are premature.
Cramer said he's often advocated buying stocks on global induced weakness but this case is different. First, he said the markets are only down fractionally; more important, we simply don't know the facts. The markets will respond differently to a terrible mistake versus an act of terrorism, he warned.In order to effectively buy into weakness, you need to have conviction. With today's news, investors are likely to continue taking profits Friday as they fear what might happen over the weekend. Add to that increased tensions in Israel and plummeting interest rates and there's simply too many questions to have any certainty at all. The markets will take a few days to digest today's news and the general uncertainty going into the weekend, Cramer concluded. Until then, the bias will be to continue taking profits, so investors need to remain cautious.