You Must Hold Your Nose and Buy

We are doing everything we can as a nation to take 1929-1932 off the table. There is no reason whatsoever for a bank run now. There is less reason to believe that we are going to have 20% to 30% unemployment.

Again, I believe you must be doing some buying here -- something -- as I have been picking for Action Alerts PLUS.

The key issue is the velocity of the decline and whether we can get to where we have to go.

Given the revision on my Dow 8400 call, I think that, technically, we HIT MY LEVELS at the opening.

The tug of war here is "no bottom on Fridays" vs. hitting my targets, which are an amalgam of a bottom-up analysis and a 1987 analogue to closing prices of Black Monday.

Terrible Tuesday intraday puts us under 6000. That may be too strong a decline, so what I would do is begin go buy something back right here, but you must leave room for a big gap down on Monday to do more buying.

We have also hit my downside oil target of $80.

So what to buy? High-yielding major oils, food and beverage soft goods with good yields, and Wal-Mart (WMT) and McDonald's (MCD), which work in this environment.

At the time of publication, Cramer was long Wal-Mart.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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