Jim Cramer's 'Stop Trading!': Avoid Financials - TheStreet

Jim Cramer's 'Stop Trading!': Avoid Financials

Fannie and Freddie are 'technically insolvent,' says Cramer. And bank of America is headed lower.
Author:
Publish date:

Steer clear of financial stocks right now, Jim Cramer told viewers of

CNBC's

"Stop Trading!" segment Wednesday.

Cramer said he is "consistently concerned about BAC

Bank of America

(BAC) - Get Report

." He predicts it will continue to go lower, and he is "very concerned about this situation."

Continuing on negative news in the financials, Cramer said to "stay away" from the financials. He said that

Freddie Mac

(FRE)

and

Fannie Mae

(FNM)

are "technically insolvent."

Moving on to technology stocks, Cramer advised looking at

Cisco Systems

(CSCO) - Get Report

because it "took out its low."

Cramer said there is "not a lot of great news in tech," and

Oracle

(ORCL) - Get Report

has been in a house of pain since reporting its latest quarter. He said that "bottom-fishers in tech are making a big mistake."

Moving on to retail, Cramer said that he liked

CVS Caremark

(CVS) - Get Report

. He said that the company recently boosted its dividend and that competitor

Rite-Aid

(RAD) - Get Report

"was horrible." Wrapping up the segment, Cramer said that "as Rite-Aid breaks down, CVS is the winner."

At the time of publication, Cramer had no positions in stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click

here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click

here to order his book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.