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TheStreet.com's Jim Cramer says we're in a relentlessly terrible market.

Slew of bad news to wake up to. Freeport (NYSE: FCX) (Cramer's Take) eliminates its dividend to conserve cash as copper has had an unmitigated decline. Impairments coming; ugly, but somewhat predictable given the stunning stock drop. Research In Motion (NASDAQ: RIMM) (Cramer's Take) overnight becomes Nokia (NYSE: NOK) (Cramer's Take) or maybe even Garmin (NASDAQ: GRMN), (Cramer's Take) as the commoditization of tech continues apace. We can sell everything cell-phone-related off that. Tech down again.

Too bad, because it wrecks the rally from yesterday and confirms -- endlessly -- how bad this market is.

It's also too bad because China was up big last night, which I believe will put in a bottom to the mineral and steel market components someday. Pricing will get tight eventually as U.S. Steel (NYSE: X) (Cramer's Take) and Freeport are taking out a huge amount of capacity. They have to; the pricing falls are that devastating. There will be plenty of companies in these industries that simply won't survive because of the pricing.

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Cramer on BloggingStocks: More bad news is bringing us back down originally appeared on BloggingStocks on Wed, 03 Dec 2008 09:28:00 EST. Please see our terms for use of feeds.

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