Cramer's 'Stop Trading!': Transports Trouble

"The transports actually do signal something," said Jim Cramer on Thursday's "Stop Trading!" segment on CNBC.

He said that transports "across the board" are getting hit, including FedEx ( FDX), Norfolk Southern ( NSC) and CSX ( CSX), which have all hit 52-week lows today.

Cramer said that he sees such "slaughter going on" in these stocks, "I say to myself, 'Well, domestic and international trade must have stopped.'"

These stocks are telling us that "whatever we're doing" is not enough. "I don't like a market where the banks go down seemingly every day and the transports go down, because those are two groups I look to for leadership," he said.

As for the banks, "the short-sellers are in control," not the U.S. government. "These are not all bankrupt," Cramer said. " Citigroup ( C) is not a bankrupt bank. Bank of America ( BAC) is not an insolvent bank."

He called it the "destruction of the American banking system."