Cramer is still bullish, but selectively. I wouldnt put a blanket on saying all large cap companies are going to suffer. What he is saying is financial services and anything connected to the housing and home building secotr are going to suffer. Out of the 30 dow stocks only 4 of them fit this category.
Slightly off topic and not directed at anyone, just a rant cuz I am bored at work:
There are plenty of companies who are being discounted right now for no other reason than this down draft. You will have nay sayers that say the world is falling apart. Either you are on the side of the secular world ecomony or you think the credit/liquidity problem is going to trickle through every ounce of the economy, the consumer is dead blah blah. If you read the QQQQ yahoo messsage board (which I do) you get the feeling that you should be loading up on canned goods and ammunition right now. I just dont buy into that. In NYC I still see people shopping at all the high end stores, all the restaurants are filled etc.
In my opinion, this will be a selective correction. There will be some trickle down issues in the mortgage/home builders/financial service arena. I know I am still spending (as well as feeding my 401K, which adds liquidity to all those nay sayers out there) as fast I make it, I am guessing many are doing the same.
News 
Market Data 
Discover 
