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CMCSA, IDXX, ZTS: Jim Cramer's Views

Jim Cramer shares his views every day on RealMoney. Click here for a real-time look at his insights and musings.

Cramer: Here's What to Embrace and What to Shun

Posted at 3:38 p.m. EDT on Wednesday, Aug. 3, 2016

We're far enough along in the earnings season to start picking winners and losers, sectors to avoid and sectors to buy, and to render some conclusions about where to place your next incremental dollar now that the market has worked off its overbought condition.

Remember a few weeks ago when I signaled that the S&P 500 oscillator I follow that indicates inordinate buy or sell pressure hit an extreme -- in this case, a reading of plus 10, ultimate excessive buying? Remember how I said that this market would have to work off that overbought condition either through a huge, quick selloff or just a grind-it-down decline over time?

The market has chosen the latter path and it has gotten to the point where it's no longer unsafe at any speed. No, when we have worked off the overbought condition it is not a green light to buy. But when we were plus 10 that's a red light not to...