Unexpected Downs: National Oilwell Varco (NOV), Dresser-Rand Group (DRC), URS (URS), Foster Wheeler (FWLT), Home Depot (HD) and General Mills (GIS) - Cramer says that the market is going to continue to be fitful until the Fed meets, and cites evidence of this in good stocks that are getting hammered for no apparent reason. Oil management leader, NOV and the supplier of its equipment, DRC, are both doing great business, but are surprisingly low. URS, which, according to Cramer, is the top pollution services company, is down $39 from $49 four weeks ago. FWLT, HD, GIS are other companies Cramer believes should be higher.
Technical Difficulties: Nortel (NT) and Vonage (VG) - Cramer believes that with stocks like Nortel, you get what you pay for. This apparent bargain at $2 is not a buy, according to Cramer, since its CFO, COO and CEO have all quit and the company does not have good financials. Nortel claims to have received a $3 million contract, and many believe that it will be bought, but Cramer disagrees. Although Vonage is up, Cramer says that the company should not have gone public. "It is one of the worst IPOs I have ever seen, and it keeps getting worse," he said. "They should cancel all the trades and give the money back to investors."
TD Ameritrade (AMTD): This company reports that business is good, and Cramer suggests holding on to it.
Johnson & Johnson (JNJ): Cramer says he doesn't recall the last time JNJ was so low, and mentions that it has a perfect balance sheet and is a "high quality" company.
Blockbuster (BBI): Cramer comments that rumors of BBI's going out of business are unfounded, because it has less competition, and it has done well the last two quarters. At $4 a share, Cramer recommends BBI for trading but not for buying.
ICICI Bank (IBN): With a 17% growth rate, Cramer would pull the trigger on this stock at $24.
Dow Chemical (DOW): Cramer believes that things will improve for Dow.
Pitney Bowes (PBI): Cramer says this stock a good, conservative investment. Although he doesn't anticipate dramatic gains, he believes that PBI will rise gradually.
BHP Billiton (BHP): This mineral company is under pressure, says Cramer, and he suggests getting rid of some of it.
Cemex (CX): Cramer would stay with this company two more weeks before letting it go.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.