Falling Bank Stocks

In the "Off The Charts" segment, Cramer went head to head with colleague John Roque over the charts of the banking stocks, a group that may seem cheap but is proving to be value traps that are only getting cheaper.

Roque looked at a weekly chart of Goldman Sachs ( GS) and noted that the stock have broken through its 40-week moving average. He said if the stock falls below its support level of $130 then the next stop is likely to be $100 a share.

Turning to another chart, this time of Goldman's relative performance compared to the S&P 500, Roque said that Goldman is underperforming the markets, down 16% compared to the S&P which is up 5% for the year. He said the same chart can be seen with just about every bank stock.

Cramer said with employment and housing still slumping and an endless barrage of government regulations and scrutiny, the bank stocks will likely be stuck in the mud for quite some time. He said these stocks simply can't win without some upside momentum, so that means waiting on the sidelines for now.

Lightning Round

Cramer was bullish on Chicago Mercantile Exchange ( CME), Solar Capital ( SLRC), Sallie Mae ( SLM), Dell ( DELL) and Apple ( AAPL).

He was bearish on Citigroup ( C).

Housing Fix Needed

In his "No Huddle Offense" segment, Cramer opined on the news that the New York State Attorney General is investigating the mortgage mess. Cramer said he's all about putting the bad guys behind bars, but perhaps too much energy is going into prosecuting the offenders and not enough energy is being paid to resolving the issues.

Cramer said what the housing markets need is a resolution, and that means that people need to leave the homes they can't afford, then banks must take the hit and the houses must be sold. "We need a plan to get these homes on the market," said Cramer, through a definitive plan that's agreed to by all.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer was long Caterpillar, Kohls.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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