Jim Cramer's Stop Trading! Buy Pepsi - TheStreet

Wait for the

Fed

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

CNBC's

"Stop Trading!" segment.

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

Lehman

( 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

JPMorgan

(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

Pepsi

(PEP) - Get Report

or soybean player

Bunge

(BG) - Get Report

.

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.