Investors are wondering if European banks need a bailout and that is bleeding over into trading in U.S. financial stocks, said TheStreet's Jim Cramer. He said he expects an infusion of money into the reeling European banks. Cramer said investors should certainly avoid stepping into the Royal Bank of Scotland (RBS) - Get Report , which he views as a 'hobbled' bank. In general, Cramer said it is not a good day to go shopping for stocks unless oil turns around so investors should consider sitting this selloff out for the time being.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.