Cramer's 'Mad Money' Recap: Rough Ride (Final)

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(Story updated to add Cramer's comments on Cummins' excellent results.)

NEW YORK ( TheStreet) -- Invest in stocks on a case-by-case basis continues to be Jim Cramer's short-term strategy.

He told his "Mad Money" TV show viewers that they need to remain cautious, keep some cash on the sidelines but as always, stay the course.

Cramer said that today's trading action proved that when governments are responsive to the needs of the markets, good things happen. He said that one by one, the fears that had the markets spooked on Monday are slowly being addresses.

He said the Germans have stepped up, albeit in the final hour, to defuse worries over Greece. Then Brazil issued an interest rate cut to help keep the emerging economies from slowing. And finally, talks with Iran are accelerating, making the threat of air strikes less likely in the short term.

Cramer said that all of this good news helped keep the averages in positive territory, but investing remains a company by company issue. Apple ( AAPL), a stock which he owns for his charitable trust, Action Alerts PLUS , remains a great investment, said Cramer, but McDonald's ( MCD) issued cautionary comments. Drug maker Merck ( MRK) slashed estimates, while semiconductor stocks followed Cypress Semiconductor's ( CY) lead and did the same.

That's why Cramer reiterated using caution, trimming positions and raising cash so investors will be ready for whatever comes next.

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