NEW YORK ( TheStreet) -- "All is not lost," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday after a horrible day for the markets. Cramer said while the markets keep going down on the same bad news that never seems to go away, much of that news investors should have seen coming. "There's really nothing new," said Cramer, who noted that the markets have been fluctuating on a slowdown in China, a Japan that is on the mend, falling U.S. home prices, $104 a barrel oil, the Federal Reserve's QE2 program and a litany of other woes for months now. Yet despite all that turmoil, stocks are still just 4% from their highs for the year. What should investors do on days like today? Cramer said they need to look at what they own and determine if their reasons for owning them have changed. He said while it remains a terrible time to own the banks and the seasonally slow tech stocks continue to struggle, that is not the case for all stocks. Cramer said stocks like Caterpillar ( CAT), a stock which he owns for his charitable trust,
Rotational MovesWhat's been driving certain sectors higher, but not others? Cramer went "Off The Charts" to find out. Cramer said when you look at the charts of the medical device makers like CR Bard ( BCR), Baxter ( BAX) and Becton Dickinson ( BDX), you notice an interesting pattern. All three seem to have bottomed on March 15 and have been rallying ever since. Cramer noted that the consumer staples, as evidenced by Colgate-Palmolive ( COL), Procter & Gamble ( PG) and Kimberly-Clark ( KMB), also show this pattern, as do the HMOs, the drug stocks and the tobacco names. Cramer said it's clear that these are rotational moves into what are perceived to be "safe" sectors, but wondered why. It turns out the Japanese earthquake was the catalyst. Cramer said while many, himself included, expected Japan to recover quickly, the lingering nuclear crisis has kept that country essentially offline for months, making the earnings of these "safe" stocks irrelevant. Investors simply wanted safety, he said. But Cramer noted that these same charts also show that the rally has come to an end, with just all off these names, sans tobacco, showing signs they've stalled or have topped out already. Cramer said as Japan turns from negative to positive, the reason to own these names may already be behind us. "Bulls make money, bears make money, but pigs get slaughtered," Cramer reminded
Case for GoogleCramer said investors looking for a good value stock should take a look at Google ( GOOG). He said despite Google's $500 share price, and the fact that the stock has been trading horribly as of late, there is a lot to like about the king of search. Cramer said his catalyst for Google was Yandex ( YNDX), the Russian search engine that saw shares rise 55% on its first day of trading. Cramer noted that while Yandex now trades at 60 times earnings, Google trades at just 15 times its earnings. Yandex also trades at 1.5 times its growth rate, while Google trades at less than one time its growth rate. Cramer said Google is clearly the superior company when comparing the two, which makes its valuation absurd. He said while critics point to the fact that the company missed the social media revolution, has a new, young CEO, and is investing in projects that don't seem to be paying off, Google shouldn't be overly penalized. Google has many new game changing projects in the pipe, and it remains the king of search with no real competition, he said, adding the company also has $36.7 billion in cash.