Here are Jim Cramer's top thoughts on some of the biggest stories of the week.

Jim Cramer: Tax Reform? Don't Count on It

Nothing's perfect. But something I have said for months, that there's tremendous discord when it comes to tax reform, is starting at last to impact the market.

My view had been that we would have some modest tax reform, but perhaps if you bought stocks based on tax reform you should sell them because I have bad news for you: Don't expect anything this year and do not count on anything big happening next year because the gulf is too wide between those who want to shrink the deficit and those who want to grow the economy with the hopes it shrinks the deficit "down the line."

Some of Thursday's decline is an import from Europe, where we are down roughly the same as their markets.

Some of it is because we have to be concerned that the Justice Department's attempt to block the Time Warner (TWX) -AT&T (T) - Get Report merger doesn't signal some sort of change in President Trump's pro-business m.o.

Some of it is the tax reform disarray.

But most of it is simple profit-taking, which we haven't seen in ages. I will say this: When we go down this big, it is incredibly daunting to the sunshine bulls who quickly pull in their horns.

It's the latter who could come back tomorrow, so if you want to buy, I would put some on now and wait for lower prices tomorrow, especially if either Disney (DIS) - Get Report or Nvidia (NVDA) - Get Report -- or both -- disappoint. (Nvidia is part of TheStreet's Action Alerts PLUS portfolio.)

More From Jim Cramer

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long NVDA.

Originally published Nov. 9 at 1:32 p.m. EDT.

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Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:

  • How the bond market is giving off all the wrong signals
  • How Trump doesn't deserve all the credit for the stock market

Action Alerts PLUS, which Jim Cramer co-manages, is long NVDA.