Jim Cramer: Markets in 'One of the Worst Times in a Long Time'

Related: Richmond Fed President Says Rates Must Keep Rising

In the early trading session, benchmark yields initially rose before settling down to 3.056 for the 10-year note, while the 30-year note came down to 3.318. Rising yields spurred falling bond prices during the month of October as stocks and bonds both performed a rare duet of losses amid the volatile markets.

“There’s no good news,” said Cramer. “There’s just no good news. We should be seasonably-strong, but when you see Facebook down, when you see Salesforce down, when you see Apple down, you see Google Down, you see Amazon down, Netflix going into bear territory, you recognize that this is a different kind of market and you have to be very careful.”

“I’m not saying things are terrible, I’m just saying things are not good,” Cramer added.

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