NEW YORK (TheStreet) -- TheStreet's Jim Cramer says three bears are controlling the stock market right now.
The first is Russia, which Cramer says is "falling apart." He notes the nation has a lot of currency and reserves, but he says this situation is about Ukraine. If the Russia-Ukraine situation gets resolved, he says, then oil prices would lift and Russia would be fine.
The second bear is the U.S. oil companies that are strapped. Cramer says there are some overstretched oil companies that could go belly up. He says if he were Repsol SA, he would not have bought Talisman Energy (TLM) for $8.3 billion as it did this week. Instead, Cramer says he would have waited about six months, at which point he thinks Talisman would be lower.
Cramer says let the marginal players go out of business and let the numbers be cut, and then use rallies in smaller oil companies such as the ones on Tuesday to sell rather than buy.
The third bear, which Cramer says is probably the worst, is Petrobras (PBR) , which is largely funded by foreign money. He says the companies and mutual funds that bought bonds will have to take a big hit because Petrobras, of which Brazil owns 60%, will have to refinance.
Cramer says he thinks a lot of the debt will be "crammed down" by the Brazilian government, which means there will be another capital flight from Brazil and the nation will have to do what Russia is doing by raising rates to protect the real.