Cramer expects much the same kind of action in JCG next week. The stock will run right up until Tuesday evening’ earnings report, and then shareholders will unload their positions on Wednesday morning. Use that decline to buy “one of the ultimate retailers,” he said, going into the holiday season.

For example, we know today looks like a terrible day, with Europe down horribly and our futures real soggy. But then we look and see that J. Crew (JCG), one of the best retailers, is not just saying that the fall season is good; it is saying it is blowout beyond imagination.

BEST RETAILER

He says it's going to get uglier before it gets better. The names with the most earnings risk are Men's Wearhouse [MW], Tiffany [TIF], Abercrombie & Fitch [ANF] and J. Crew [JCG].

J. Crew, the women's and men's specialty retailer, is run by Millard Drexler, who built the GAP from a blue-jeans maker into a global brand. At 11.54, the stock is selling for about a fifth of its 52-week high. "The balance sheet is clean, there is no debt, and net cash of about $50 million," he adds.

PE: 7 PEG: 0.72

J. Crew (JCG) downgraded to sell from neutral at Goldman. See increased sales risk given aspirational/regional positioning and heavy inventory levels. See additional room for multiple contraction. Price target lowered to $19 from $29.

J. Crew Group (JCG) downgraded from hold to sell.

TPG Funds sold two million common shares of J. Crew Group (JCG) to Goldman, Sachs & Co. on Sept. 19 at $33.45 each. After the sale, TPG Funds reported directly owning 2,804,255 shares (4.5%).

Silver-Lining Stocks: With the short-selling rule coming back into effect tonight, here are some good stocks driven down by short-sellers that could see a pop.

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nice company,i like their product.

don't like secondary offering