Cramer’s take on the debt vote

He makes some valid points:

Time to be disciplined
Sell your debt-resolution plays and focus on stocks that won’t be derailed by a US default.

Back to individual stock picking — for now. That’s how I view this debt ceiling deal, which I believe will pass simply because every single reporter says it will, and I have to trust the consensus like everyone else or be run out of town on a bull.

To me, if you bought “exposure,” meaning deep-in-the-money calls or some higher-beta stocks on Friday, as I suggested here, you sell them into strength, take the profit. You didn’t get to build the position, but you did get to make the money.

Then I would just wait. I would wait for the people who have to come out and say:

1. Didn’t matter, too small, we will eventually be downgraded.

2. Nothing’s changed. We are still dysfunctional.

3. Things are even worse because now there will be less spending to prop up the economy.

4. It’s too late, as the second half has been killed by this wrangling.

5. The deal does not clarify taxes enough to make companies feel good enough about spending.

6. China is still slowing, although not as fast as we would like, because the tightening goes on.

7. Spain

8. Italy

9. Greece

10. Country to be named later

In other words, the whole litany of woe — it hasn’t changed, it won’t change. We are in a new, bad world that makes it so we lurch and lurch until bonds are no longer the issue. That’s the real problem, by the way: trying to figure out where the bond issues hit the stock road. It has been the problem since the beginning of the sovereign debt issues in Europe and since both former President George W. Bush and President Barack Obama decided to authorize a huge amount of spending that was embraced by Congress.