"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."
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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