Jim Cramer Says Correction Could be 'Temporary'

June 2011 started out with a big drop in the stock market. Many investors had anticipated a correction based on shaky economic data, however Jim Cramer of CNBC's 'Mad Money' thinks the correction in the market may be temporary. Cramer often seems to look for the bright spots in the stock market which isn't necessarily bad, but the word 'temporary' is a little vague.

Earlier in the day Rick Santelli, also of CNBC seemed to think the market drop "is continuing to be more than just a soft patch but as 'many' say, a soft trajectory of lower economic activity." Key concerns are the Greek debt downgrade by Moody's, the May ADP National Employment Report, and the end of the Federal Reserve Bank's QE 2 Stimulus  this month.

Whether Thursday will be another down day is up to the market to decide. Some think there will be a move into defensive stocks and selling of stock positions to hedge bets. The technical patterns indicate new resistance and support levels, but the overall feel seems to be one of caution and concern about a potentially slowing economy and lack of market momentum.