Despite what Cramer called a "market reassessment" of the delta variant, he said there are still opportunities out there if investors have the diligence to do their homework and adapt to a turning market.
Cramer took to Real Money to explain that sentiment could shift positive just as quickly as it turned negative:
"Are things as dire as all of this? I think the market as a whole is catastrophizing events -- and lord knows, I am a classic slippery slope catastrophizer from way back when. I think you pick at stocks that are collateral damage to this new worldview. The drug stocks, the real estate investment trusts, the foodstuffs all work for the moment. Of course, though, if we catch a break, if everyone from the South is either vaccinated or a recovering covidian, then you are going to have to switch gears in a hurry. So don't get too complacent about your sales. I am unmoved by my bullish stance, even if Home Depot just bushwhacked me with one of its two-by-fours that it can't sell because lumber got too high."
So where is Jim Cramer turning his attention?
Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that he is seeing a "remultiplization" of the drug stocks.
Watch the video above to hear why he's watching Bristol-Myers Squibb (BMY) - Get Bristol-Myers Squibb Company Report, AbbVie (ABBV) - Get AbbVie, Inc. Report and Eli Lilly (LLY) - Get Eli Lilly and Company (LLY) Report.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/18/21
AbbVie is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.