Cramer explained that his original thesis was that newfound wealth in emerging countries, brought on by the rising prices of natural resources, would flow to the consumers and into technology like cell phones. But Cramer said he failed to consider the risks involved in making such a prediction.

In the case of Telkom Indonesia, Cramer said he failed to consider the company's substantial wireline business, which like that of wireline here in the U.S., is declining. Despite growth in wireless services, the legacy wireline business dragged down the whole company.

In the case of Turkcell, Cramer explained that a new competitor going public drew attention away from the company and that, along with unfavorable rulings from the government, played a negative hand in that stock.

Cramer said both of these two stocks are a straight "sell, sell, sell," and he would sell the remaining three into any strength. "Wireless is not a basic need," he explained, saying that in countries with increasing wealth, people prefer to spend on food and shelter, not cell phones.

Lightning Round

In the Lightning Round, Cramer was bullish on Transocean ( RIG), National Oilwell Varco ( NOV), Hudson City Bancorp ( HCBK) and UMB Financial ( UMBF).

Cramer was bearish on Harley Davidson ( HOG), Hologic ( HOLX) and Verasun Energy ( VSE).
Jim Cramer writes about all the stock trades in his charitable trust for TheStreet.com in Action Alerts Plus. Recent stocks he's traded in this account include Schering-Plough (SPG), Yamana Gold (AUY) and Abbott Laboratories (ABT).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long National Oilwell Varco.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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.

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