Jim Cramer's Stop Trading! Buy Pepsi - TheStreet

Wait for the


to act before you jump into the financials, Jim Cramer said Thursday on


"Stop Trading!" segment.

Cramer said people on the street keep asking him when to jump into hard-hit stocks like


( LEH) and

Bear Stearns

( BSC). But Cramer said it's not time, because there hasn't been enough pain.

He said first, Wall Street has to cut its earnings estimates. Second, you have to see layoffs in the firms' mortgage and corporate bond departments. Third, you have to see big charges from the companies as they write down the value of losing investments in things like subprime debt and hung bridge loans.

Cramer reiterated that he believes


(JPM) - Get Report

remains a sell because of its exposure to the collapsing corporate debt market, and he said he wouldn't touch any of the homebuilders except to buy puts -- an option to sell the stock.

Pressed for stocks to buy, Cramer said it's OK to look at high-quality stocks outside the so-called cordoned area of the financials. He likes some tech stocks and might look at foods company


(PEP) - Get Report

or soybean player


(BG) - Get Report


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

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