As players experience another tough day in the market, Jim Cramer believes that it comes down to two things: the future and the Fed, he said on his
"RealMoney" radio show Tuesday. The future doesn't look too bright, he said. Eaton ( ETN), which makes the industrial products and Grainger ( GWW), which sells electrical and power supplies both came out and said they are not performing so well and are getting weaker. Immediately, Grainger, which is a blue-chip company, went down, Cramer said. This is due to the monster number of rate increases that the market has seen that are controlled by the Fed, Cramer said. The Fed's actions are telling us that the more upbeat people are, the more the Fed will tighten rates. Therefore, companies are giving us bad news. Taking a look at some of Cramer's favorite retailers, he said that JC Penney ( JCP), Target ( TGT) and Abercrombie & Fitch ( ANF) are all down. Best Buy ( BBY), which Cramer believes is a very well-run company is three points off its low, and nobody wants to touch it. It's down too, he said. Looking back at 2000, when Cramer said tech companies such as Intel ( INTC), Cisco ( CSCO) and Microsoft ( MSFT) all went down significantly and are still struggling, he said. Although this is not encouraging, Cramer said the industrial sector is more auspicious, as companies such as Caterpillar ( CAT) 3M ( MMM) and Ingersoll-Rand, which he owns for his charitable trust, Action Alerts PLUS , all dropped before they skyrocketed. Cramer believes that Ingersoll-Rand, which is at $36, could go as low as $35. This is a company that has lost a third of its value and hasn't done anything wrong, he said. Cramer believes that the market will go lower before it goes higher, but eventually there will come a moment when stocks will be down enough so that people will not be afraid to buy them. To see the most recent edition of The RealMoney Radio Recap in its entirety, please click here. This recap is published every day around 3 p.m. ET.