Cramer: Hold Your Nose and Buy

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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 Quote - Cramer on WMT - Stock Picks) and McDonald's (MCD Quote - Cramer on MCD - Stock Picks), which work in this environment.

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