NEW YORK ( TheStreet) -- "Until this market knows what it wants, stocks are going to continue to drift lower," Jim Cramer warned his "Mad Money" TV show viewers Tuesday. He said investors don't even know what to wish for at this point, as he outlined 10 uncertainties in the market. 1. Oil prices. Cramer said the market wants lower oil prices, but only if those prices come from an over supply of oil and not from weaker demand. 2.Earnings estimates. Cramer said the earnings estimates have gotten too high and they need to fall to where they can easily be beaten. 3. U.S. debt downgrade. He said the consensus view is that a downgrade of U.S. debt would be bad, but some in the market now think it would spur genuine reform in Congress and the White House if it occurred. 4. Unemployment. Unemployment may be bad, said Cramer, but some in the markets feel that high unemployment keeps the Federal Reserve and rising interest rates at bay. 5. Chinese hard landing. Cramer said the markets fear that the Chinese will kill their economic growth by raising interest rates too much. 6. Rotation into soft goods. Cramer said there's simply not enough money coming into the markets to send the consumer stocks and the industrial growth names up at the same time. 7. Technicals aren't bad enough. Cramer said the market needs to fall harder in order to get a trampoline effect to the upside. 8. Economy needs more stimulus. We can't afford it, said Cramer, but our economy clearly needs more stimulus to offset the effects of the housing market. 9. Weak dollar. A weak dollar is supposed to be good for the markets, so why have they been falling as the greenback weakens? 10. Too many bulls. Despite all of the weakness in the markets, Cramer said there are still far too many bulls looking for a quick rebound. Cramer said until at least some of these uncertainties are answered, and the market knows for certain what it wants, stocks are unfortunately doomed to the hot and cold pattern they've been stuck in for what seems like forever.
Risky REITsIn the "Off The Charts" segment, Cramer went head to head with colleague Tim Collins over the chart of the iShares Dow Jones Real Estate ( IYR) ETF, which tracks the commercial REITs. The ETF is currently up 8.6% for the year, but Collins feels those gains may be in jeopardy. Looking at the daily chart, Collins noted that the ETF have been in a downtrend since April, but shot up in late-May, only to quickly retrace to the downside. Collins said this was a false rally, as it occurred on light volume. Instead, he sees the ETF in risk of breaking it's long-term support level and heading sharply lower. Collins also noted the ETF's stochastics, which shows an oversold condition. Normally, an oversold condition has been a sign to buy, but Collins noted that this time, the ETF has seen no additional buying. Collins sees the ETF falling to $58 or $56.50 a share. Turning to the fundamentals, Cramer said he agrees with Collins, and the REITs have become too risky. He advised locking in profits amidst the dangerous looking charts. "It's time to cut and run," he concluded.
Ford's Upbeat OutlookIn the "Executive Decision" segment, Cramer once again sat down with Alan Mullaly, president and CEO of Ford ( F), a somewhat forgotten stock since the company reported disappointing results in January which sent shares down 25% from its highs. Mullaly was upbeat on Ford's turnaround, announcing that the company has paid down another $3.1 billion in debt and is headed ultimately towards having only $10 billion in debt on what will be the simplest balance sheet the company has ever had. He said operations worldwide are now profitable and Ford is producing a full family of vehicles in every market around the globe. When asked about upcoming labor talks and increased competition from government-sponsored competitors, Mullaly stood by his decision to support his competitors in the American auto market's darkest hour. Regarding labor talks, Mullaly said that for the first time in many years, Ford is growing. He said the company is increasing production and making better products than ever before, which gives labor talks a new dynamic since everyone wants to share in that growth. "Everyone knows where Ford is going," he noted. Turning towards Ford's overseas operations, Mullaly said that Ford is positioned with a full line of vehicles globally, and is prepared for the time when 45% of the world's auto demand comes from the Asia Pacific region of the world. Mullaly also commented on many other areas of Ford's business, including Ford Sync, which helps drivers keep their hands on the wheel through a voice-activated navigation, entertainment and information system. Mullaly also noted that while truck sales are lower in the leisure market, they're still strong for small businesses. Cramer once again reiterated his support for Mullaly and for Ford.