At the close of trading, the Dow was down 0.75%, the Nasdaq was down 0.66% and the S&P was down 0.68%
"[The] Market is so overbought. I want it to come down. We have plenty of cash," Jim Cramer said during TheStreet's daily live show.
"We're in this terrible range where right now there is just complete chaos in terms of trying to figure out who is going to be president," Cramer added.
Cramer wants to see a definitive upward run in both the Dow and the Nasdaq. "Otherwise it's just another transition day to who knows what. I want something definitive, and I'm not getting it," Cramer said.
The Federal Reserve and the Treasury Department are not on the same page.
U.S. Treasury Secretary Steven Mnuchin said the pandemic lending programs at the Fed would expire on Dec. 31.
In a letter to Fed Chairman Jerome Powell, Mnuchin asked for the return of $455 billion allocated to the Treasury under the CARES Act last spring, much of it set aside for Fed programs meant to buoy the economy. Mnuchin said the programs had served their purpose and the funds instead should be available for Congress to reallocate.
The Fed voiced its displeasure with the decision, writing in an emailed statement that it “would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”
While Cramer didn't find issue with ending the program, he questioned the ability of Congress to reallocate the funds.
If you can't get Nancy Pelosi and the Republican Senate to agree, then you've really lost a kind of ethereal backstop," Cramer said.
And Pfizer said that it had formally applied for Emergency Use Authorization for its coronavirus vaccine candidate from the Food & Drug Administration and said it could be available for high-risk patients as early as December.
But Cramer was quick to remind investors that a potentially monumental step for the U.S. and the world, doesn't necessarily make for an investing opportunity. "No one is going to make any money off of this thing [vaccine]," Cramer said.
Where should you put your money instead? "If a vaccine works, the best money will be made in the cyclicals," Cramer said. "I’d rather be in a cyclical like a Boeing (BA) - Get Report than a Johnson & Johnson (JNJ) - Get Report.
Daniel Kuhn contributed reporting to this article.
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