RealMoney Radio Recap: Times-a-Wastin'

"Buy it today, the press got it wrong," he said.

Another "bogus perception" going around is that Verizon (VZ Quote) doesn't know what it's doing, Cramer said.

While market players think it's spending too much money supporting its wireless business and is moving too slowly, he said he does not believe this is true.

"Verizon is a low-risk stock to play some really terrific stuff," Cramer said.

First, its new mobile deal with YouTube will allow kids to send YouTube videos to each other immediately and should be popular. Second, it has a great ringtone downloading business and a "terrific" dividend, he said.

"Verizon has a lot of places to win," Cramer said, urging people to take a hard look at it. "It represents a pretty good buy here."

Speaking of Bogus...

There are also several "bogus" explanations as to why there have been selloffs in the market recently, he continued, one of which is that oil is going up and could be hurting the market.

However, oil is up even more today and the market is rallying, Cramer said. "All these excuses are painful and wrong."

Rather, he believes there were several large hedge funds that engaged in an "incredible amount of shorting."

For example, Tiffany (TIF Quote) is up $2 today, but the word on the Street was that Japan, which is a big business for Tiffany, had gotten weaker. Therefore, on Monday a lot of hedge funds decided to go negative on it and sure enough, the Japan-based business was weak.