Jim Cramer's 'Stop Trading!': Wanted: High-Quality Industrials

Ingersoll-Rand's resilience in the face of its earnings miss has Cramer on the lookout.

Author:: TheStreet.com Staff
Publish date:: Oct 14, 2008 3:32 PM EDT

"In one week, we had one of the greatest bear markets in history," Jim Cramer said on Tuesday's "Stop Trading!" segment on CNBC. "Then we had one of the greatest bull markets in history."

Cramer said the action isn't encouraging in either direction. For example,

Exxon

(XOM) - Get Report

is up 10 points this week. "I mean, this is not a small-cap stock," Cramer said. "It's one of the world's largest companies!"

He said

Apple

(AAPL) - Get Report

has become "the only beacon in the market." If it goes up, the market goes up. If it goes down, the market goes down. "The moment that Apple announced the MacBooks, the stock has just been on a one-way trip down, and it's sending the rest of the market down," Cramer said. "I'm just struck. ... There's got to be a little more to it."

This morning,

Ingersoll-Rand

(IR) - Get Report

"lowered estimates, and the stock didn't go down," Cramer said, "which has now sent me on the hunt for high-quality industrial companies that lowered estimates."

He mentioned

Eaton

(ETN) - Get Report

SPX

(SPW)

and

Danaher

(DHR) - Get Report

but said he doesn't think they're "there" yet.

"Perhaps industrials represent some value," he said.

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

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