Here are Jim Cramer's top thoughts on some of the biggest stories of the week.

Jim Cramer: We Have to Pick Very Gingerly

The good ones just aren't coming down enough yet. Earlier last week, our own Bob Lang suggested that you wanted to buy American Express ( AXP) , MasterCard ( MA) or Visa ( V) on weakness.

But this isn't weakness. It just happens to be a day they aren't running. All are the apples of the eyes for fund managers everywhere. But buying them here is just too early. That said, maybe this is it for the downturn.

I feel the same way for the best of the best for defense: Raytheon (RTN) and Lockheed Martin (LMT) .

Nothing.

Nada.

Can't buy. Not down.

You could make a case that there's some retail stocks to buy, but that's value, and you still can't make a call on value. They are down because they are hated.

But until the good stuff is lower, we have to pick very gingerly, because the real good names -- including our bullpen names -- just aren't coming in.

More of What's Trending on TheStreet:

Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.
 
Originally published Aug. 10 at 11:08 a.m. EST.

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