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Cramer's 'Mad Money' Recap: Nothing Worth Buying

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NEW YORK (TheStreet) -- The big, bad event may now be behind us, but there just aren't a lot of sectors worth buying, Jim Cramer admitted his "Mad Money" TV show viewers Wednesday after the markets reacted badly to the minutes from last month's Federal Reserve meeting.

Cramer said the markets have been dreading the latest news from the Fed all week, even though that news was technically over a month old. Just the same, right at 2 p.m. EDT, the markets sold off like clockwork, only to snap back quickly before slowly fading into the close. According to the Fed minutes, the economy seemed to be improving, which would lead to the eventual tapering of bond buying and stimulus.

But a lot has changed in a month, said Cramer, and there's just about no measure of the economy that is better now than it was a month ago. Over the past 30 days, interest rates have rallied and everything tied to them has fallen considerably, from banking to housing to construction and most recently, retail. The Fed won't risk creating a recession within a recession, noted Cramer, so it's likely the next Fed minutes will once again talk about staying the course.

So now that the big event is behind us, are there any stocks worth buying? Cramer said the pickings are indeed getting slim as, sector by sector, earnings estimates are coming down to meet the new realities. From banking to oils to industrials and even the mineral stocks are all getting sluggish, he said, which makes stock picking a very difficult endeavor indeed.

Executive Decision: Sandy Cutler

In the "Executive Decision" segment, Cramer spoke with Sandy Cutler, chairman and CEO of Eaton , the industrial giant that reported a three-cents-a-share earnings beat on lighter-than-expected revenue while also offering investors tepid guidance for the remainder of 2013. Shares of Eaton are still up 12% since Cramer last spoke with Cutler in late April.

Cutler said the global reaction to the rising bond market is par for the course in a recovering global economy. He said while the first few years of that recovery, since 2009, have seen moderate growth, both 2012 and 2013 are shaping up to be transition years with far less growth than originally expected.