Cramer on BloggingStocks: Passing on the upside

Many indebted companies, not just the banks, should be issuing equity here to fix their balance sheets.

Companies like Micron (NYSE: MU) (Cramer's Take) and Western Digital (NYSE: WDC) (Cramer's Take), which have been able to raise prices, have gone through the roof, as have companies like Motorola (NYSE: MOT) and Advanced Micro Devices (NYSE: AMD) (Cramer's Take), which haven't been able to raise prices.

It's something that, collectively, I think people feel because the futures don't seem to be heavy just because of overseas action.

Today's a day of caution. The week should be a week of caution. The spike in the overbought, the spike in the stocks themselves -- these all warrant no buying until we go lower.

I am willing to pass on the upside until something changes, significantly.

Have we seen the highs for the year?

Too hard for me.

Do I want to buy them here?

Not at all.

When I first started "Mad Money," I used to get these callers and they would ask, "Hold or sell?" and then mention their stocks.

I would ask, "What about buy?"

I think their old query is the appropriate one for the moment.

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.