Jim Cramer's Stop Trading! Very Temporary

Bulls were hoping the Federal Reserve would voice more concern about the economy Tuesday, and when it didn't, they got crushed, Jim Cramer said on CNBC's "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 Goldman ( GS), Bear ( BSC) and Lehman ( LEH) 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 Ciena ( CIEN), Mindspeed ( MSPD) and JDSU ( JDSU), which he attributed Tuesday to a strong outlook at Level 3 ( LVLT).

Cramer noted that the gains was occurring even though Oplink ( OPLK) 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.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on Mad Money are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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