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It's another tough day in the market,

Jim Cramer

said on his

"RealMoney" radio show Thursday.

When the


opened today, it was down and then a few minutes later it went up, but then was beaten down, Cramer said. Between 11:30 a.m. EDT and 1 p.m. EDT there was a consistent decline, he said.

Speculation in commodities has gotten out of hand, Cramer said. Oil has spiked and copper and zinc are not doing well. What does this speculation tell us? Cramer asked. That the

Federal Reserve

doesn't like these products, he said.

Cramer said that 2000 was the worst year for the markets since 1987, and said it is a year to be avoided. At that time, the Fed raised overall rates and there was cancellation of businesses, and consequently there was a buildup in commodities' inventory, he said.

"The Fed decided it is going to be super tough on inflation," Cramer said. "They were wrong in 1998 and they were wrong in 2000. It wouldn't shock me if they were wrong now."

They should be trying to build confidence, Cramer said. The Fed should read the newspapers, he said. Today, the local

New York Post

reported on two major condominium projects that were cancelled because of lacking demand.

"Ben Bernanke, the Fed chairman, calls decline in the market healthy," Cramer said. "I see nothing healthy about this type of decline."

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TheStreet Recommends

Buyback Bliss

Whenever there is a decline in the market, two types of sellers emerge, Cramer said.

There are the panicked sellers who need to raise cash. The market is full of these types of sellers right now, Cramer said.

The second type of seller is the company itself, which is issuing the stock you may be buying, he said.

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A few companies that are currently buying back their own stock are

Bank of America

(BAC) - Get Bank of America Corporation Report



(C) - Get Citigroup Inc. Report


Wells Fargo

(WFC) - Get Wells Fargo & Company Report



(PEP) - Get PepsiCo Inc. Report

Sears Holdings


, which Cramer owns for his charitable trust

Action Alerts PLUS, and


(MMM) - Get 3M Company Report


These companies are hanging in, Cramer said. If you are looking for shelter, look into companies that are buying back their own stock. If you've got cash, this is a great opportunity, he said. And remember panic is not a good thing, he said. It is not a way to make money in the short or long term.

We are in limbo until June 29 -- when the Fed decides whether or not it will raise rates, Cramer said.

Apple's Lemonade

Taking a look at

Apple Computer

(AAPL) - Get Apple Inc. Report

, Cramer said the company has two major things going for it.

Think of the company as a lemonade stand, he said. Just like you need lemons and water to make lemonade, the two components that Apple needs are flat screens and microprocessors.

The prices from

AU Optronics


, the maker of Apple's flat screens, are coming down, Cramer said. Not only that, but the cost of microprocessors used by Apple is plunging, he said.

At the same time, Apple's demand is increasing and they are coming out with two new features, iPhones and iMovies, Cramer said. "This is a good play," he added.

Cramer's Callers

Cramer's first caller asked about


(FNSR) - Get Finisar Corporation Report

. This company makes fiber optic components and subsystems. Big phone companies depend on Finisar to stay above competing cable companies, Cramer said.

It has raised its earnings estimates and its stock is up 177% year over year, "I would be a buyer of Finisar, not a seller," he said.

When the next caller asked Cramer about


(CELG) - Get Celgene Corporation Report

, he blessed the stock, saying the company has a drug called Revimid used in rare blood cancer. "I believe Celgene has been stronger than most," he said.

Cramer told a caller he wanted to be encouraging about

Tata Motors

(TTM) - Get Tata Motors Ltd Limited Report

, but the company, the largest car maker in India, has fallen precipitously. "I believe that over the next three days, it's going to fall lower," he said.

Tata is a stock that is owned by momentum players, Cramer said. They buy stocks on the way up and sell on way down, opposite of what I tell you to do, Cramer said. "I would wait to buy TTM," he said.

When a caller asked about

Nortel Networks

( NT), Cramer said he believes the stock is dead.

The company has not been able to get its hands around its finances in a year, Cramer said. "I talk a lot about gains on my show, and I have lost a lot of money on Nortel," he said. Even though it is at its 52-week low, Cramer said he would avoid it.

Cramer told a caller that although


(CCJ) - Get Cameco Corporation Report

is one of the best stories out there, he would wait before he bought any more shares of the company. He said he wouldn't sell any of the stock, but he would wait for it to come down, before he bought more.

At the time of publication, Cramer was long Sears.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

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