NEW YORK (TheStreet) -- When the dust from the "blast zone" that is China's surprise currency devaluation settles, investors should look at shares of U.S. and European companies that export goods to China. These shares have been unfairly driven lower, said TheStreet's Jim Cramer.
"Now we could step back and say really [China's turmoil] has nothing to do with the sales of Bristol-Myers or General Mills," he added.
When the devaluation news first hit, "everybody who [sold] directly into China really gets killed" including Apple(AAPL) - Get Report", a holding in Cramer's Action Alerts PLUS portfolio. The second day, declines in that same group of stocks "takes down the whole S&P 500."
The third day, Cramer said, "you begin to get the separation of the companies that really don't have a lot to do with China."
Although investors should "respect the impact of worry of systemic risk coming from China," Cramer doesn't believe China is falling apart.
"They're not doing very well," he said. "Wait until everything goes down, and then pick among your U.S. rubble stocks that are totally not impacted."
At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL.