Earlier. There are two kinds of trading halt, the kind caused by some sort of computer malfunction and the kind where government stops trading because stocks are in free fall and its the only way to break the velocity of the decline. Trust me you want to be in the trading hall caused by the computer crash and the New York Stock Exchange and not the one with the stock market crash namely the indices that trade in china, but you wouldnt know it judging by todays horrendous action. The dow tumbling 261 points and the nasdaq tumbling 1. 75 . There were not one, but there were two marvels today. The first was that the New York Stock Exchange went down and, i dont know, nothing really happened. Trading got rerouted to other exchanges and as painful as it is to say it got to the market was as bad on the other exchanges as it would have been in the New York Stock Exchange. I can remember a time when the New York Stock Exchange was the only game in town and this outage would have caused widespread panic and a huge across the board decline. [ screaming ] i can recall another time six years ago when we had a flash crash where the machines themselves caused stocks to plummet. That sure didnt happen today. I know it sounds counterintuitive, but today we actually saw the strength of the system and not its weakness thanks to the power of competition. Remember, the New York Stock Exchange used to be a monopoly. You have to be thrilled by the wonders of competition because while it was disheartening to see the heartbeat of the New York Stock Exchange, absolutely go flat line for most of the day, it turns out this markets got a lot of hearts pumping and theyre pumping pretty furiously. Lets talk about the second marvel and the marvel that has our markets now taking their cue from whatever the worst market in the world is doing right now. You name it. Worst one, we imitate it. The tale tail of europe has been wagging at us for ages and im sick of it and taking down highquality domestic quantities that have nothing to do with that continent and now, just terrific. Weve got the darn tale of china. Can you imagine . Wagging us right now, wagging the United States of america. Yeah, this ones in charge now. I think they ought to call this one, which one should i use . Which book would be good . How about getting back to even . China is in freefall and it would have been much worse than there was last night if there had been a halt in 74 of their stocks largely because of an abundance of sellers and not enough buyers of the government . I like to worry about things that others arent focusing on and what bothers me about the horrendous drop on the shanghai composite, it wasnt even on the front page of the New York Times. I wrote down here no china. This is real life and this has always been my barometer of knowledge. They had it all over the place, but until the times starts having it and until it gets right here somewhere ive got to tell you something, i dont think that its hit the mainstream and until its hit the mainstream people are still going to be worried. It should be on the Mainstream Press because even though the shanghai composite is still up for the year its been in a steepfall that looks a lot like the nasdaqs runup and then vicious decline in the year 2000. Check this out. The parallels are almost eerie. The nasdaq moving from 2500 in may of 1999 to 3,000 in november of 1999, to 4,000 in december of 1999 the 5,102 in march of 2000. How about china . Put it up. Take a look. November 2014. Shanghai composite, 2500. December 3,000. 3500 in march, 4,000 in april and 4500 in may and peaks at june 12 at 5,174. Can you believe that . Go ahead north face k2 lets hear about it pretty similar. Nasdaq shed 1,000 points by the first week of april and 2,000 points by october of 2000 and another hundred points in december of 2000 and finally bottoming out at 1,114. How do you say round trip . Pretty hideous especially the first 35 down which occurred in the first 29 days. 35 down 29 days and thats exactly what weve seen in china with the shanghai composite plunging 32 from its peak less than a month ago which makes the comparison to act especially that if it hadnt been for a halt the Chinese Market would have been substantially lower. These declines. I call them evil twins. The Chinese Government unlike the nuz 2000 is trying to stabilize the market with buy programs and shortselling restrictions and a cutoff in new supply and no more ipos and they put in much tougher margin rules that have accelerated the selling in their market which are ive got to tell you, theyve got many more retail people than ours. 90 is by individual chinese. The Chinese Government encouraged a lot of people to open accounts in this year and to the bet of our knowledge 15 million new accounts may have been opened and it doesnt matter i can make this look like shanghai too. Right around there. Those people, just like the people that came in in the dotcom period for january, february and march, theyre being smoked. So chinese stocks are in weak hand, but are the companies themselves weak . We dont really know. One big difference between this market and the nasdaq in 2000 is that the valuations for the nasdaq were pretty insane and many stocks selling for astronomical pricetoearnings ratios and selling at high levels with no earnings at all and remember when we priced them to their eyeballs . China, on the other hand represents real value if you trust the financials. The shanghai composite can be trading more easily after the decline. Do we trust the company . I dont like to recommend chinese stocks because i dont trust the reporting methods. Someone on twitter asked me if i wanted to be a buyer of china or is it a falling knife. Right now it feels like catching a hundred steinways. However, if the Chinese Government keeps providing stimulus, then china will slow but it wont fall apart. The chinese stock markets nowhere near as big as the chinese economy itself. Most markets are big are than their economy. Ill put this here i dont see systemic risk, at least not right now and its not reassuring and its not when the New York Stock Exchange is halted and it did reopen with the last hour. Should we be more worried about china now that weve laid the whole case out . What if its not like the nasdaq which was hobbled back in 2 thousand nows and it was never important as the s p 500 and bounced back pretty fast. What if this was wow, get ready, really scary and the tokyo Stock Exchange through october of 2012. This is 40,000 okay . You know thats quite a run there, huh . The nikkei peaked in 1989 didnt bottom until 13 years later and im dismissing this one out of hand. Thats right because though china has bad issues it still has the ability to grow and japans index should never have been inflated that much anyway and the lack of growth. I think the more likely analogy is the 1987 crash in the United States. Look at this. This is very interesting. You can see, all right . The stock market plummeted and that was some day. Thank heaven i was in cash and did something right in this life, and the economy didnt take a serious hit and the market ultimately came back and we know that this is actually down 1200. Dont get me wrong, chinas economy will slow given the destruction of a new investing class that might have been buying homes and cars instead of stocks and it will hurt their government to get the economy growing from internal consumption, but how about our country . Tough call. I dont think we should be hammered too much from the downturn. When theyre talked about, they spread fear. I just want to see chinas crash talked about more hence why i watch the front page of the New York Times because its really really important to know that the Mainstream Press is all over the case. Thats how you get the worry ingrained and thats how you discount their woes and our woes. Ill have more on chinas impact later in the show. Just to circle back to europe for a second and thats a big reason why the markets rallied about a percent last night. Remember anything greece in greece out and its in limbo and you know how i feel about this and let me give you the most reassuring bottom line that i can offer. Find a stock of the Great American company you like and let the halts in new york and china i wonder what stocks was he looking at disciplined. With discipline comes conviction and use the decline to get a better price than you would normally get and when you get that, i dont want to hear oh no im really scared. I want you to pull the trigger. Lynn in california. Lynn . Jim, hi. Im stuck on Conoco Phillips and the sea drill. Oil prices are going down. What do i do . Ive been telling people from my Charitable Trust weve been saying look, heres the deal. Oil is going oil and we did a good piece, if it breaks 50. 51 it can go to 43 and that means the stocks are probably not done going down. I do not like deep water, seadrill. I say sell sell sell this is tone ney westlake village, california. Jim, in view of the market mess today at the nyse i want to ask you about two possible buy opportunities. First, i want to ask you about oracle. They had a bad quarter and they claimed they were having a cloudbased business at a rate that was faster than the sales force and they went out of their way to the sales force, and the sales force which i currently own continues to grow nicely and is on track to reach 6 billion in sale this year with the longterm goal of getting to ten, but their rate of growth has slowed quarter to quarter and the price is down significantly in the last two weeks and ive learned never to underest nate larrielson to catch oracle up with the latest technology. So, jim, should i buy sales force more or should i buy oracle . As between the two, i prefer to buy sales force. Im not that big fan of oracle and i am a fan of larry ellison. Hes done a great, remarkable job, but oracle did not have a good quarter and sales force had a blowout quarter. You know what . If i didnt own either one i would feel like i would be compelled to buy my first 25 of sales force. Com if i can get that stock below 68. Listen, i know its not easy out there. Its horrendous. I hated today, okay . But youve got me in your corner. I suggest finding the stock of a Great American company and get it at a price that it doesnt deserve to be trade trading at for you. Coming up on mad money, that may be obscuring an ominous sign. Dont miss my take and the opportunities are presenting themselves in the market. I have the ceo of alcoa fresh off of what was a pretty good earnings report. Stay with cramer dont miss a second of mad money, follow jimcramer on twitter. Have a question . Tweet cramer madtweets. Send jim an email to madmoney cnbc. Com or give us a call at 1800743cnbc. Miss something . Head to madmoney. Cnbc. Com. It took Tim Morehouse years to master the perfect lunge. But only one attempt to master depositing checks at chase atms. Technology designed for you. So you can easily master the way you bank. Here we go again. Weve been really good at assessing what the disturbing issues in europe could mean for our companys earnings. In fact many of our industrials have been trading down for weeks on end off of europe thanks to a combination of slowdown fears and a weak euro that makes the Companies Less competitive, but how about china now . If you have the gigantic decline in the chinese averages and theyre owned by Retail Investors and sometimes i see numbers as high as 90 and many of them borrowed right at the top. The most margin used in the history of the New York Stock Exchange and it will grow slower. The market has shot the usual suspects. Iron plummeted 16 in one week. A hideous move. We know that coppers been humbled and the commodities are simply a terrible place to be and thats because of china and it doesnt bode well for Companies Like cummins and joy global although theyve been punished plenty but they can go lower. The significant worry and the one thats impacted this market for the last 48 hours is the slowdown in consumption of americanmade products and lets start with autos. Our Auto Companies have made huge inroads in china and none better than General Motors and thats why that stock has just been destroyed. I thought that gms 4 yield could cost the small position because the stocks seemed undervalued and gm sliced 4 like a hot knife through bet butter and looked cheap how much the chinese have fallen and im kicking myself every minute about this one. Mcdonalds, yum brand, starbucks, nike and theyre all big franchises in china and only nike thought enough that consumption might slow and even if yums stop and china represents half its business. Yum has been doing much better than china of late and no reason to panic although people are and nor is there a reason to worry all that much about nike and those sales dont include since the big rollover and the Chinese Market got started and hey, you know what . A little bit . Why not . Which leaves the biggest potential victim. Apple. Chinas been one of the brightest spots in the apple galaxy where it sold 16 billion worth of equipment in the First Quarter and thats up an astounding 70 year over year and the expanding chinese middle class loving apple products and particularly the iphone 6. Analysts expect the iphone 6 sales will surpass u. S. Sales handily and that might be in question with the crash and i use that term any time thats fallen to 3500 in more than a month. I dont use the crash term here. I never use it. Mostly about the chinese about slowing, and slowing watt sales. I dont know. I guess i have to buy 10,000 gold bands to get the analysts get cracking on it. Its not just apple that suffered. The Semiconductor Companies that make cell phone components, skyworks mxp semi, were all pretty much in freefall all day. China, i think these stocks will all be guilty until proven innocent and theyll be subject to the swings that many of you cant handle. Among these stocks an cell actually cheap, 13 times earnings and you can argue its cheap because of the chinese exposure. I like to own highquality stocks and apple is one of them but at least you know why these tech stocks are under pressure and you may not have figured it out. I wish i could offer more solace. Thats not my job. China is an issue for all these companies and its not an issue, its still baked in yet or meaning discounted by the stocks and until it is until people recognize the damage to the commodities and the chinese sales that might be occurring, you can expect more days like today for every single one of the stocks they just mentioned. Hey, why dont we take a call from gerald in florida. Gerald . First, thanks for all the years of advice and most important, Market Wisdom you have imparted to me. Well thank you. On a day like today, im thrilled to hear it, honestly because sometimes this business is tough and this 3 30 a. M. Weakup call and now i have to get up at 1 00 for china. When do i go to bed . Caller thanks jim. Heres my question on top of all of the other things going on, what can happen to my stocks bonds and savings account . Should the imf decide to add the chinese yuan to the worlds reserve currency list on october 20th . I dont think you will actually be impacted . As a matter of fact, the main thing you have to worry about with our stocks and bonds is sellers from other countries who actually need to raise capital. The chinese, maybe they have to sell their bonds. Theyve got a trillion dollars worth and maybe they need to prop up their markets by selling treasurys and otherwise were the strongest market in the world. Ill keep saying that you know why . Because its true. No way around it china is an issue and its not baked into prices just yet and expect days like today with plenty of american stocks. Still ahead on mad money, the future is looking bleak for one market and its not one portfolio that will shock you and the ceo that kicked off earnings season and find out what it means for the rest of the market and its not negative. Remember, its buy low and sell high and the market would give you an opportunity with one blockbuster stock and ill reveal it next and why dont you stay with cramer . Want bladder leak underwear that moves like you do . Try always discreet underwear and move, groove, wiggle giggle, swerve, curve. Lift, shift, ride, glide hit your stride. Only always discreet underwear has soft dual leak guard barriers to help stop leaks where they happen most and a discreet fit that hugs your curves you barely feel it. Always discreet underwear so bladder leaks can feel like no big deal. Because hey, pee happens. Get your free pair and valuable coupons at always discreet. Com jarring day. Totally jarring. We had to shut down the New York Stock Exchange. There were many other changes that picked up the slack nothing makes you more uncertain about the Stock Holdings than the system where they were initially purchased failed to work. It was such an unfortunate anomaly for the New York Stock Exchange which i can tell you having been involved with it since the 1980s and working there every day for the last three years is a tote low topnotch place in every way. When the computers broke down its not conspiracy theorists overwhelm me and two totally isolated incidences could really be happening on the same morning unless they arent isolated. Although no one disagreed with tom harley when he said in a classic understatement, it wasnt a good day. If it were just for the trading halt which mercifully ended at 3 11 we would have had a not so hot day anyway. Europes seemed sanguine in the wake of a greek economy. Im worried big. The china implosion finally hit home. Undeniable. The