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Bulls were stampeded on Tuesday

The Dow Jones Industrial Average undefined  lost 424 points, or 1.74%, the S&P 500 undefined  handed over 1.34% and the Nasdaq Composite  undefined  shed 1.68%. For some investors, the losses might have come as a surprise amid solid first-quarter earnings reports from bellwether companies like Caterpillar (CAT) - Get Caterpillar Inc. Report , United Technologies (UTX) - Get n.a. Report , Coca-Cola (KO) - Get Coca-Cola Company (The) Report and 3M (MMM) - Get 3M Company Report .

But, it was cautious comments by Caterpillar execs on the demand outlook for the rest of 2018 during an earnings call that sent the bears out of hibernation. Not helping market sentiment were 10-year yields topping the 3% mark for the first time in more than four years. 

TheStreet's founder Jim Cramer lit up sister publication RealMoney with a series of actionable guidance on the markets. Here is a quick roundup of Cramer's top thoughts ahead of a must-watch opening bell on Wednesday. 

On the Raw Market Action

"Today we saw a panic like we haven't seen in ages where every little bit of softness, every negative was blasted out from the observatory and the S&P 500 happened to be underneath when it happened. It won't be able to recover all that quickly, as pianos hurt, as do tubas and basses, trumpets and even piccolos smart when they come from that high. Still, it was so incoherent, so random, so ferocious and so thoughtless, that it created bargains in the chaos. I just don't think people feel like strolling down to look for buys after today's carnage."

Read full story on RealMoney here

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On the Industrial Stocks That Led Markets Lower

"But on days like today you have to look. You have to say that Caterpillar may not have been as articulate as it would have liked and that perhaps they should have explained that they haven't seen peak revenues, which is how I read it. I think 3M was just trying to temper expectations so they could beat them. Freeport's (FCX) - Get Freeport-McMoRan Inc. Report a political mess."

Read full story on RealMoney here

On Investing Scared

If one is worried about the 10-year yield heading to 5%, then stocks may not be the best place to park cash Cramer explains. 

Watch full interview below. 

3M is a holding in Jim Cramer's Action Alerts PLUS