In particular he sees weakness in companies "that have anything to do with commodities and that have anything to do with labor costs," he said. "There's also weakness in any of the health care valuations that are excessive and there's tremendous weakness in the industrials and in housing."
However, with the Federal Reserve on hold raising interest rates until at least December, investors have been emboldened to jump into the markets. If that's the case, here are the three stocks Cramer believes every investor should own in November. All are holdings in his charitable portfolio.
Cramer said Starbucks "reported a remarkable quarter" while ''Biogen is about to have a major move after being eviscerated." As for Apple, it's "going to go to new highs. People didn't understand the strength of the third quarter and how Apple TV is going to start taking off and how Apple watch has the possibility to take off," Cramer said.
Apart from those three, Cramer can give you three others that may benefit when the Federal Reserve begins to raise short-term interest rates.
"I think the banks are very cheap, and if you do believe in the December raise Wells Fargo (WFC) - Get Report goes to $60 to $65, JPMorgan Chase (JPM) - Get Report goes up dramatically and Bank of America (BAC) - Get Report goes to $20." Wells Fargo and Bank of America are also portfolio holdings.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held positions in AAPL, BAC, BIIB, SBUX and WFC.