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NEW YORK ( TheStreet) -- Yes, the market's decline today was unsettling, Jim Cramer admitted to his Mad Money TV show viewers Monday. But as far as Cramer's concerned, it's still business as usual.
Cramer said there were a number of reasons why the markets took a pause today. Friday's initial public offering of Alibaba (BABA) certainly created a euphoria the markets haven't seen since 2001, but that wasn't the only problem the markets had to deal with in today's session.
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The news out of China that leaders there seem to be content with slower growth was unexpected, Cramer said. Even though China just cut interest rates last week, the markets still took the news of slower growth as a sudden surprise. A slowing China is bad for the mining and materials stocks as well as the industrials and the industrial equipment makers such as Caterpillar (CAT) .
The markets were also dealing with lower oil prices. Oil prices need to stay high if our oil stocks are going to continue their march higher, Cramer said. In the $80 a barrel range margins get squeezed, he explained, and in the $70s drilling will dry up altogether.
But slower growth and falling oil prices aren't all bad, Cramer concluded. Lower oil means cheaper gasoline, which is good for retail and restaurants. Slower growth means interest rates stay low, which is good for those buying homes.
Cramer said his bottom line is he's not overly worried about today's decline, and he'd continue picking at quality stocks at these lower prices.
Shifting (Fracking) Sands
With an analyst declaring a "super cycle" in fracking sand -- the sand used to keep cracks in horizontal oil wells open while the oil is pumped out -- Cramer said it's time investors head for the exits.
Cramer told viewers that, in general, anytime they hear the phrase "super cycle," whether it be in sand, oil, coal or some other commodity, the move has typically already happened. That's certainly been the case with fracking sand, with stocks like Hi-Crush Partners (HCLP) up 56% for the year and U.S. Silica (SLCA) up 161% over the past 12 months.
Cramer said the problem with both of these stocks is they're very richly valued, so any misstep will result in huge declines in the stock price. It may seem hard to imagine, he continued, but fracking sand is, after all, just a commodity, which means eventually if prices get too high oil drillers will simply use something else.
Of the fracking stocks, Cramer said he's only speculate with Emerge Energy Services (EMES) , which is protected by a solid 3.7% dividend yield. He also endorsed Union Pacific (UNP) as a way to play the fracking sand "cycle," because no matter where the sand comes from it needs to be shipped via rail.