Cramer: Worst-Case Dow View

Editor's note: This article was originally published March 6.

Levels elude me. Levels like, "The Dow can trade to 6000." Or, "The Dow's headed to 5000" or "It can take out the 1991 lows." I don't know anything about those. I like stock-by-stock analysis, not top-down. I like individual stock valuation and individual stock levels, not top-down levels. That's how I think. I total them to see where they could go.

At the beginning of the year I did an analysis of where I thought the Dow could go. It was full of misplaced optimism about the Obama administration and the potential for a second half recovery. ...