Bank of America (BAC), Citigroup (C), Ambac (ABK): The Dow is "hideous," says Cramer and the financials are to blame. Mutual funds who thought they were bottom fishing are now panic-selling, sending the financials down.
Gushan Environmental Energy (GU): Cramer says the Chinese need alternative energy more than we do, and recommends GU which may have some new innovations.
Rio Tinto (RTP), Vale (RIO): CEO Tom Albanese told Cramer China’s appetite for commodities will fuel his business, and sees Toyota’s potential development of a battery-powered car will substantially increase demand for aluminum and copper. Cramer still prefers Vale, which he says is the cheapest mining stock in the world.
Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightning Round, Stop Trading and his Wall Street Confidential Picks.
Get Cramer's Picks by e-mail -- it's free and takes only a few seconds to sign up.
Seeking Alpha is not affiliated with Jim Cramer, CNBC or TheStreet.com