Bulls were hoping the
would voice more concern about the economy Tuesday, and when it didn't, they got crushed, Jim Cramer said on
"Stop Trading" segment.
"People were somehow betting that the language about the temporary slowdown wouldn't be so temporary," Cramer said, referring to the economic assessment that accompanied the Federal Reserve's 15th straight quarter-point fed-funds hike earlier. "It's very here-and-now, so that particular language really poleaxed a lot of bulls and led to a big decline in financials, and I don't think it's over yet."
Cramer again recommended buying investment banks such as
instead of commercial banks that would be in trouble if fed funds went to 6%.
Cramer reiterated another favorite theme: strength in networking companies such as
, which he attributed Tuesday to a strong outlook at
Cramer noted that the gains was occurring even though
was off 8% on a downgrade. "Oplink was downgraded at Merriman, and yet the group is going up. You'd think they were sitting on a lot of oil."
At the time of publication, Cramer had no positions in the stocks mentioned.
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