Cramer's 'Mad Money' Recap: May 7

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Is the bull really dead after just one down day in the markets?

The answer is "no" despite what the naysayers may say, Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

"Haven't you people ever heard of a correction?" he asked. Today's action was a classic market pullback, a big advance followed by a sharp decline. A classic correction is usually in the 5% to 10% range, so why is everyone ready to panic already, he said.

Cramer said this is one of the greatest, nonstop market performances he's ever seen. People can't expect stocks to rally over 30% from the bottom without taking a breather. That's what stocks do, he said.

Now is not the time to sell the banks, said Cramer. In fact, he'd be a buyer of the banks, as conditions are finally right for them to begin making serious profits. "Nationalizion is off the table," he said.

Cramer said he'd be a buyer in the secondary offerings of banks like Morgan Stanley (MS Quote) and Wells Fargo (WFC Quote), a stock which Cramer owns for his charitable trust, Action Alerts PLUS.

Cramer said he'd also be a buyer of banks that don't need capital such as Goldman Sachs (GS Quote), another stock in his charitable trust.

"More investors want into this market than want out of it," said Cramer. And that's why you should want in too.