On days like today, where the market is selling off, "We circle the wagons around the stuff we really like and we sell the stuff we don't," Jim Cramer told viewers of his "Mad Money" TV show Thursday. "The big institutional investors have lost all confidence in the market," Cramer said. "They're not like you." "You have to accept these declines," Cramer said. Investors should raise cash by selling marginal positions and buying stocks that they like, he said. Cramer pointed out that today's selloff was indicative of "pin action" around themes that aren't working. He pointed out that the airlines can't buy planes, so investors are selling out of Boeing ( BA), which makes planes, and Honeywell ( HON), which supplies components for planes. Similarly, he said, investors found out that General Motors ( GM) is running out of cash, so they sold out of Johnson Controls ( JCI), which makes car parts. Oracle ( ORCL), which supplies technology that is used by banks, similarly suffered when the financial sector went down, he said.
Cramer: XM-SIRI Delay Uncanny, Isn't It?
Another Play on Offshore DrillingThe future is offshore drilling, Cramer said. He said that politicians have blocked offshore drilling because historically it has polluted the coastlines. He said technological advancements have made drilling much cleaner in recent years.