"In one week, we had one of the greatest bear markets in history," Jim Cramer said on Tuesday's "Stop Trading!" segment on CNBC. "Then we had one of the greatest bull markets in history."

Cramer said the action isn't encouraging in either direction. For example, Exxon ( XOM) is up 10 points this week. "I mean, this is not a small-cap stock," Cramer said. "It's one of the world's largest companies!"

He said Apple ( AAPL) has become "the only beacon in the market." If it goes up, the market goes up. If it goes down, the market goes down. "The moment that Apple announced the MacBooks, the stock has just been on a one-way trip down, and it's sending the rest of the market down," Cramer said. "I'm just struck. ... There's got to be a little more to it."

This morning, Ingersoll-Rand ( IR) "lowered estimates, and the stock didn't go down," Cramer said, "which has now sent me on the hunt for high-quality industrial companies that lowered estimates."

He mentioned Eaton ( ETN), SPX ( SPW) and Danaher ( DHR) but said he doesn't think they're "there" yet.

"Perhaps industrials represent some value," he said.
At the time of publication, Cramer had no positions in stocks mentioned.

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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