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.
At the time of publication, Cramer was long Ingersoll-Rand.

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 here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from