Jim Cramer Says Lots of Stocks Are Already in Bear Market Territory

Jim Cramer said while investors remain worried about a big plunge in the stock market, many stocks are already in bear market territory, with declines of 20 percent or more from their 52 week highs. Cramer, who manages the Action Alerts PLUS portfolio, noted that stocks like Walmart (WMT) have dropped 25 percent, and Procter and Gamble (PG) has fallen more than 20 percent, so a lot of damage has been done already. He said stocks could fall another 3 percent to 4 percent from last Tuesday's lows, but at this moment, more than 200 stocks are already in bear market territory. 'Maybe we have to wait until every single stock is in a bear market, including Netflix (NFLX),' said Cramer. 'What I say is get ready for another Tuesday.' Cramer pointed out that many stocks that have already corrected are companies with good balance sheets that are doing well, such as Allegheny Technologies (ATI), or Nucor (NUE). Cramer said he tends not to like steel companies, but he is watching certain levels, like Nucor at under $40 a share. TheStreet's Rhonda Schaffler has details from the New York Stock Exchange.